EUR/GBP came lower as expected and hit our target area. Now we are seeing a small corrective bounce and the daily pivot of 8544 has basically held the overnight high. If Europe takes the market higher we will encounter resistance at 8560/65. We have initial resistance at 8548 and this comes from the 240 min charts at the 38.2% Fib level.
We would expect buyers to take profits here and again at 8560/65, and we look to sellers to come back into the market. However, we leave tight stops as a break above 8565 and we will see further strength pushing through the market and we could go back towards 8600 once more.
The 60 min charts are oversold but they have climbed back to neutral levels so this also is why we have seen the market rise off 8517. Again we will find support in the 8520/10 area and we will only re-sell if we break 8510 for 8480.
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EURO/GBP: Lower As Expected To Hit Our Target
Published 06/20/2013, 03:16 AM
Updated 07/09/2023, 06:32 AM
EURO/GBP: Lower As Expected To Hit Our Target
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