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EURGBP






4/12/2016 3:21:06 AM

EURGBP bounced lower by a pivotal resistance - Technical Analysis - 12-04-2016



EURGBP fell in the short term and intraday levels, which comes after the pair tested the pivotal resistance of 0.8097, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the long term (from 0.8814 to 0.6937), with the dominance of the main upward trend in the medium and short term, while the pair trades within an ascending price channel that limited its previous movements as shown in the attached chart.

Therefore we expect more losses to come for the stock, as it tries to garner positive momentum to help it rise again, aiming to lean on the support of 0.7955.


Target
Risk


Support
Resistance


Trend Bearish

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