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EURGBP holds that line (again)

Discussion in 'Technical Analysis' started by ForexLive, Nov 25, 2015.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Corrects to 50% and stalls. Moves back higher. The EURGBP - which has been a driver in the EURUSD and GBPUSD moves today (or is it the other way around?) - is back moving to the upside after testing and holding right near the 50% of the trend leg higher (). Traders leaning against the 50% have seen the price move up from 0.7056 to 0.70711 currently. The high at 0.7079 and then 0.7088 (50% of the November move down) are the next targets. The support remains the same for the buyers at the 0.7056 area (you can add the rising 100 bar MA on the 5 minute chart which is moving toward that area).

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