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Trend Needle Points North

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: 0.8896 High Jan 12
  • PRICE: 0.8882 @ 17:11 GMT Jan 12
  • SUP 1: 0.8792/69 20-day EMA / Low Jan 9
  • SUP 2: 0.8739 50-day EMA
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8646 High Dec 8

EURGBP traded solidly into the Thursday close, keeping the outlook bullish. Last month's break of 0.8829, the Nov 9 high, reinforced a bullish theme. The move higher opens 0.8907 next, a Fibonacci retracement point. Moving average studies continue to highlight a bullish backdrop, reinforcing the current trend direction. Initial firm support is seen at 0.8739, the 50-day EMA. A clear break of this average would be bearish.

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