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EUR/GBP bullish bias supported by 20 dma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is currently trading with a high of and a low of EUR/GBP remains in positive territory, despite temporarily losing the 0.78 handle as we progress though the sessions.

    The high at 0.7897 was the highest level since December 2014. The downside came as the Central Bank displayed a cautionary call to action from the ECB for the forthcoming meetings in the ECB minutes today. The bottom line is that downside risks have increased and that the ECB looks ready to act again in March.

    EUR/GBP levels

    Meanwhile, EUR/GBP eyes the 200 week sma at 0.7937 on a break of recent and aforementioned highs ahead of 0.8121 and June 2014 business.

    On the short-term outlook, the price is below the pivot here at 0.7799 and S2 is located at 0.7711 guarding the 20 dma at 0.7682 and 0.7663, S3. On the upside, R1 is at 0.7839 and R2 is at 0.7887.
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