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EURGBP






3/2/2016 2:08:08 AM

EURGBP leans on an improtant support - Technical Analysis - 02-03-2016



EURGBP slid in the short term, trespassing the SMA50 and exposing itself to its negative pressure, especially as relative power indicators reached extremely overbought levels, contradicting the pair's upward movement, which doubles the negative pressures on the next trading, with the pair finally reaching the important support of 0.7773, representing the ratio 38.2% of Fibonacci retracement level for an ascending wave in the short term (from 0.7525 to 0.7928).

Therefore we expect more losses to come for the pair, especially if it breached the support of 0.7773, targeting thereafter the pivotal support of 0.7730, representing the ratio 50% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bearish

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