Targets for EUR/USD and GBP/USD

Discussion in 'Technical Analysis' started by ForexLive, Feb 24, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Société Générale technical analysis, After achieving the upper limit of an ascending channel earlier this month, has been showing a retracement. Weekly indicator is close to a resistance which suggests ongoing rebound since December seems to be running out of steam and upside is likely to remain capped.Currently the pair is close to January highs of 1.10/1.0950 which also corresponds with the 61.8% retracement from mid-January lows and the lower limit of aforementioned channel within which the recovery has evolved. More importantly this is the 20 week EMA and the weekly descending trend. With daily RSI breaching a support line, continuation in correction can't be ruled out.

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