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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and key short-term resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8763 50-day EMA
  • RES 1: 0.8724 20-day EMA
  • PRICE: 0.8704 @ 16:07 BST May 24
  • SUP 1: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull run
  • SUP 2: 0.8593 Low Dec 15 2022
  • SUP 3: 0.8562 Low Dec 13 2022
  • SUP 4: 0.8547 Low Dec 1 2022 and key support

The EURGBP short-term trend needle points south and the cross has tested support at the May 11 low of 0.8661.The latest pause appears to be a bear flag and a clear break of 0.8661 would confirm a resumption of the trend, exposing 0.8649, a Fibonacci retracement. Initial firm resistance is at 0.8724 the 20-day EMA. The 50-day EMA intersects at 0.8763 where a clear break is required to signal a reversal.

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