EURGBP TECHS: Key Short-Term Resistance Still Intact
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8378 High Jan 6
- PRICE: 0.8229 @ 07:08 GMT Feb 14
- SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP is in consolidation mode. The recent move higher still appears to have undermined a bearish threat, however. 0.8378, the Jan 6 high, has been defined as a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of bearish price action would once again refocus attention on 0.8248, the Feb 3 low and bear trigger.
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MNI: UK DEC CPI +0.3% M/M, +2.5% Y/Y
- MNI: UK DEC CPI +0.3% M/M, +2.5% Y/Y
EURJPY TECHS: Monitoring Support
- RES 4: 165.43 High Nov 8
- RES 3: 164.90 THigh Dec 30 and a key short-term resistance
- RES 2: 164.55 High Jan 7
- RES 1: 163.19 High Jan 10
- PRICE: 161.89 @ 07:04 GMT Jan 15
- SUP 1: 160.04 Low Jan 13
- SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle
- SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
- SUP 4: 158.67 Low Dec 11
The recent move down in EURJPY appears corrective. The recovery from Monday’s low highlights a potential short-term reversal and the end of the corrective cycle. A continuation higher would open 164.90, the Dec 30 high. Clearance of 164.90 would confirm a resumption of the uptrend. On the downside, key short-term support has been defined at 160.04, the Jan 13 low. A breach of this level would be a bearish development.
MNI: UK PPI DEC INPUT -1.5% Y/Y, PPI OUTPUT 0.1% Y/Y
- MNI: UK PPI DEC INPUT -1.5% Y/Y, PPI OUTPUT 0.1% Y/Y
