May 20, 2024 05:35 GMT
Trading Inside A Wide Range
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8674 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8578/8621 20-day EMA / High May 9
- PRICE: 0.8564 @ 06:34 BST May 20
- SUP 1: 0.85731 Low Apr 30 and a short-term bear trigger
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP traded lower last week and price has moved below the 20- and 50-day EMAs. This cancels a bullish theme for now, and instead highlights a neutral trend with the cross trading inside a wide range. A break of Friday’s low at 0.8555, would signal scope for weakness near-term and expose 0.8531, the Apr 30 low. Initial resistance is seen at 0.8578, the 20-day EMA. Initial key resistance is far off at 0.8621, the May 9 high.
166 words