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Technical Analysis: EUR/GBP Rebounds from 0.8460 Support

Posted by Chris Advincula on Nov 28, 2016 6:01:05 AM


(Nov 28 Monday) The euro-sterling chart shows a well supported line at 0.8460, which is also the recent lows from Nov 24 - 25 (Thursday-Friday). Within this particular level, both the 14 day moving average support line happens to sit at the Fibonacci retracement level of 0.8444 from Sept 12.

The next support line is 0.8350 from Sept 5th, While the 14 DMA shows another support 0.8400. The intraday chart today shows a good rebound from the support line of 0.8460 to 0.8560. This rebound is also visible on the ROC chart which rebounded from 95 to the current 99.7017. The 14 day relative strenght index also shows a good rebound from the 30 Oversold level to the current 38.51492. 

Both the 14-day RSI and 10-day ROC displays the rebound and compares to the current intraday move from the spot level of 0.8460 to 0.8560.

The upside resistances on the other hand shows the 14 DMA at 0.8650 while the 30 DMA at 0.8630. The Fibonacci retracement is 0.8642 (38.30%). Further up: 0.8850 resistance. And 0.8950 - 30 DMA resistance.

The rebounds may be limited based on the down sloping path of the 14 & 30 DMA in the short run.



Topics: European Session, euro-sterling, EURGBP, Forex Market, technical analysis


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