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Unable Still To Maintain Levels Above Trendline Resistance

EURO-STERLING TECHS
  • RES 4: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 3: 0.9162 High Oct 7 and the bull trigger
  • RES 2: 0.9132 High Oct 10
  • RES 1: 0.9122 Intraday high
  • PRICE: 0.9067 @ 10:39 BST Oct 14
  • SUP 1: 0.9020 Low Oct 13
  • SUP 2: 0.9000 Round number support
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8808 Low May 13

EURGBP traded lower Tuesday but did find support at the day low. Despite the bounce, the outlook remains bearish. The continued inability to hold above trendline resistance drawn off the Sep 11 high weighs on the cross. Key support at 0.9025, Sep 28 low has been probed this week. A clear break would confirm a resumption of bearish trending conditions and open 0.8967, a retracement level. On the upside, firm resistance is at 0.9162, Oct 7 high.

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