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1/14/2016 2:55:45 AM

EUR/GBP amid positive outlook - Technical Analysis - 14-01-2016



EUR/GBP rose in their short-term and intraday levels trading, with the pair breaching the crucial resistance of 0.7477, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the long term (from 0.8038 to 0.6915), with the continuing positive pressure from the simple moving average for the last 50 days period, confirming thereafter the strength of the upward trend that controlled the pair's previous movements in the short term.

Therefore we expect more gains to come for the pair, targeting the resistance of 0.7609, which represents the ratio 61.8% of the same retracement levels mentioned earlier, as long as the support of 0.7477 holds its ground.


Target
Risk


Support
Resistance


Trend Bullish

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