EURGBP TECHS: Breaches Key Resistance
- RES 4: 0.8593 High Aug 14 ‘24
- RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 ‘24 bear leg
- RES 2: 0.8523 High Aug 22 ‘24
- RES 1: 0.8514 High Apr 4
- PRICE: 0.8513 @ 16:51 BST Apr 4
- SUP 1: 0.8432/0.8366 Intraday low / 20-day EMA
- SUP 2: 0.8316 Low Mar 28 and a key near-term support
- SUP 3: 0.8299 Low Mar 5
- SUP 4: 0.8251 Low Mar 4
EURGBP traded sharply higher again Friday. The rally has resulted in a break of key resistance at 0.8474, the Jan 20 high. Clearance of this hurdle highlights an important technical break and strengthens a bullish condition. Sights are on 0.8523, the Aug 22 ‘24 high, and 0.8530, a Fibonacci retracement point. On the downside, firm support lies at 0.8366, the 20-day EMA. The contract is overbought, a pullback would allow this condition to unwind.
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EURUSD TECHS: Bullish Impulsive Rally
- RES 4: 1.0937 High Nov 5 / 6 2024
- RES 3: 1.0825 High Nov 7 2024
- RES 2: 1.0804 61.8% retracement of the Sep 25 ‘24 - Feb 3 bear leg
- RES 1: 1.0777 High Mar 5
- PRICE: 1.0774 @ 16:04 GMT Mar 5
- SUP 1: 1.0602/1.0529 Intraday low / High Feb 26
- SUP 2: 1.0447 50-day EMA and a short-term pivot level
- SUP 3: 1.0360 Low Feb 28
- SUP 4: 1.0317 Low Feb 12
A bullish impulsive wave in EURUSD has resulted in strong gains this week. This has resulted in a breach of key short-term resistance at 1.0533, the Jan 27 high, marking a continuation of the reversal that started Feb 3. Note that 1.0677, 50.0% of the Sep 25 ‘24 - Feb 3 bear leg, has been cleared. Sights are on 1.0804, the 61.8% retracement. Initial key support to watch lies at 1.0447, the 50-day EMA.
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