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Probes The 20-Day EMA

EURGBP TECHS
  • RES 4: 0.8610 High Jul 22
  • RES 3: 0.8585 High Jul 23
  • RES 2: 0.8558 High Aug 2 and a key S/T resistance
  • RES 1: 0.8537/50 High Aug 17 / 50-day EMA
  • PRICE: 0.8525 @ 16:33 BST Aug 17
  • SUP 1: 0.8484/50 Low Aug 16 / Low Aug 10 and the bear trigger
  • SUP 2: 0.8430 Low Feb 27, 2020
  • SUP 3: 0.8409 1.0% 10-dma envelope
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP is correcting higher and the cross is testing the 20-day EMA. An extension higher would open the 50-day EMA at 0.8550. From a trend perspective, the recent print down at 0.8450 marks the lowest level since February last year. This flags scope for losses toward vol band support at 0.8409 and the Feb 27, 2020 low at 0.8430. MA studies are in a bear mode highlighting a bearish theme. Key near-term resistance is 0.8558, Aug 2 high.

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