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Pierces The Bull Trigger

EURGBP TECHS
  • RES 4: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8867 High Oct 12
  • RES 2: 0.8858 2.0% 10-dma envelope
  • RES 1: 0.8834 High Dec 22
  • PRICE: 0.8814 @ 06:15 GMT Dec 23
  • SUP 1: 0.8673/8593 50-day EMA / Low Dec 15
  • SUP 2: 0.8562/47 200-dma / Low Dec 1 and bear trigger
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP edged higher Thursday and briefly topped the bull trigger at 0.8829, the Nov 9 high. The outlook remains positive and a clear break of 0.8829 would strengthen this condition. This would pave the way for a move towards 0.8858, the upper band of a MA envelope and 0.8907, a Fibonacci retracement. On the downside, initial firm support is seen at 0.8673, the 50-day EMA. A break would be bearish.

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