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Short-Term Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8635 50-day EMA
  • PRICE: 0.8566 @ 16:18 GMT Jan 18
  • SUP 1: 0.8562 Low Jan 17
  • SUP 2: 0.8549 Low Dec 11 and the bear trigger
  • SUP 3: 0.8524 Low Sep 5
  • SUP 4: 0.8509 Low Jan 18

A bear threat in EURGBP remains present and yesterday’s move lower reinforces this theme. The break of the 50-day average earlier this month strengthens a bearish theme. This signals scope for a move towards the key support at 0.8549, the Dec 11 low. Key resistance is unchanged at 0.8715, the Dec 28 high. The 50-day EMA, at 0.8635, is the initial firm resistance to watch. A break of the EMA would ease bearish pressure.

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