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Testing the Bull Trigger

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8899 Intraday high
  • PRICE: 0.8893 @ 06:00 GMT Feb 3
  • SUP 1: 0.8852 High Jan 25
  • SUP 2: 0.8803 20-day EMA
  • SUP 3: 0.8769 50-day EMA
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP rallied Wednesday and is firmer today. This week’s bull run reinforces a bullish theme and the cross has pierced resistance at 0.8897, the Jan 13 high and a bull trigger. A clear break of this level would confirm a resumption of the uptrend that started early December last year. This would open 0.8992, a Fibonacci retracement. Note that moving average studies are in a bull-mode position. First key support is at 0.8803, the 20-day EMA.

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