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EUR/GBP: Draghi driven losses recovered

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP pair has taken back entire Draghi driven losses to trade at session highs in the US session, but still the weekly loss appears as a done deal.

    Strong support around 0.6980s

    The cross bounced back from the low of 0.6984; a level which has acted as a strong support since Tuesday. On similar lines, the upside has been repeatedly capped around 0.7020 levels.

    At the moment, the cross is trading around 0.7015 levels. The latest recovery off lows appears more due to the rebound in the EUR/USD pair to 1.07 levels in the US session. Meanwhile, GBP/USD stayed weak around 1.5250.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7033 (Tuesday’s high), above which the gains could be extended to 0.7042 (Nov 5 low) and 0.7047 (10-DMA). On the other side, a break below 0.6984 (daily low) could open doors for a sell-off to 0.6951 (Aug 5 low).
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