Free Trial

Still Stuck In A Range *RES.....>

EURO-STERLING TECHS
EURO-STERLING TECHS: Still Stuck In A Range
*RES 4: 0.8869 High Oct 11
*RES 3: 0.8787 Low Sep 20 and former breakout point
*RES 2: 0.8751 High Oct 15
*RES 1: 0.8717 High Oct 16 and key near-term resistance
*PRICE: 0.8631 @ 16:09 GMT Nov 1
*SUP 1: 0.8576 Low Oct 17 and bear trigger
*SUP 2: 0.8558 Low May 8
*SUP 3: 0.8491 Low May 6 and major support
*SUP 4: 0.8482 1.000 projection of Aug 12 - Sep 20 decline from Oct 10 high
Still no change at all in EURGBP with the cross trading sideways. This
consolidation retains the bear flag / pennant formation. This is a continuation
pattern that if correct, highlights the likelihood the pair will depreciate
further near-term. Note, we are still monitoring the candle patterns on Oct
16/17, two long-legged doji formations. They are potentially a basing signal
however, a breach of 0.8717 is required to reinforce this. Bearish still.

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.