Free Trial

EURGBP TECHS: Pierces The 20-Day EMA

EURGBP TECHS
  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20 and the bull trigger 
  • PRICE: 0.8384 @ 16:21 GMT Jan 28
  • SUP 1: 0.8387/80 20-day EMA / Low Jan 28
  • SUP 2: 0.8356 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the latest pullback is considered corrective. Moving average studies are in a bull-mode position, highlighting a dominant short-term uptrend. Support levels to watch are; 0.8387, the 20-day EMA (pierced), and 0.8356, the 50-day EMA. A clear breach of this support zone would highlight a stronger reversal. The bull trigger is 0.8474, the Jan 20 high. A move through this level would resume the uptrend.

135 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20 and the bull trigger 
  • PRICE: 0.8384 @ 16:21 GMT Jan 28
  • SUP 1: 0.8387/80 20-day EMA / Low Jan 28
  • SUP 2: 0.8356 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the latest pullback is considered corrective. Moving average studies are in a bull-mode position, highlighting a dominant short-term uptrend. Support levels to watch are; 0.8387, the 20-day EMA (pierced), and 0.8356, the 50-day EMA. A clear breach of this support zone would highlight a stronger reversal. The bull trigger is 0.8474, the Jan 20 high. A move through this level would resume the uptrend.