Free Trial

Watching Support At The 50-Day EMA

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: 0.8897 High Jan 13 and the bull trigger
  • PRICE: 0.8776 @ 06:59 GMT Jan 18
  • SUP 1: 0.8769 Low Jan 9
  • SUP 2: 0.8756 50-day EMA
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8646 High Dec 8

EURGBP traded lower Tuesday. The outlook remains bullish, however, price is approaching support at 0.8756, the 50-day EMA. A clear break of this EAM would threaten the recent bullish theme and instead signal scope for a deeper retracement. This would open 0.8691 initially, the Dec 19 low. On the upside, clearance of 0.8897, the Jan 13 high, would confirm a resumption of the recent bull cycle.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.