EURGBP TECHS: Pivot Resistance Stays Intact For Now
- 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: 0.8347/78 50-day EMA / High Jan 6 and pivot resistance
- PRICE: 0.8282 @ 07:59 GMT Feb 21
- SUP 1: 0.8266/8248 Low Feb 19 / 3 and 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 trades rangebound early Friday. The early February bounce still appears to have undermined a recent bearish threat. Attention is on 0.8378, the Jan 6 high and 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 weakness would once again refocus attention on 0.8248, the Feb 3 low and the bear trigger.
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USDCAD TECHS: Key Support Remains Intact For Now
- RES 4: 1.4664 2.0% 10-dma envelope
- RES 3: 1.4564 3.500 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 2: 1.4539 3.382 proj of the Oct 17 - Nov 1 - 6 price swing
- RES 1: 1.4516 High Jan 21
- PRICE: 1.4337 @ 07:58 GMT Jan 22
- SUP 1: 1.4261 Low Jan 20
- SUP 2: 1.4233 50-day EMA
- SUP 3: 1.4120 Low Dec 11
- SUP 4: 1.4011 Low Dec 5
USDCAD price action remains volatile this week. A sharp sell-off Monday resulted in a print below support at 1.4280, the Jan 6 low. The pullback was short-lived and Tuesday’s reversal higher delivered a fresh trend high of 1.4516, before reversing lower. The uptrend remains intact - for now - and a resumption of gains would open 1.4539, a Fibonacci projection. 1.4233, the 50-day EMA, marks key support.
GILTS: Opening calls
Gilt Opening calls: 92.18/92.23.
EQUITIES: EU Cash opening calls
- Estox 50: +0.25%, Dax: +0.64%, CAC: +0.10%, FTSE +0.15%, SMI +0.60%.
While futures are ticking lower, Cash should still be near their Multi year/decades high
