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9 Apr 2015
EUR/GBP eyeing 0.7200 - FXStreet
FXStreet (Barcelona) - According to Omkar Godbole, FXStreet Editor and Analyst, EUR/GBP might drop to 0.7200 levels, with technicals supporting the bearish view, awaiting a break below 0.7221.
Key Quotes
“On the hourly charts, we see the pair has been rejected at the falling trend line resistance earlier today. The EUR is being offered in 0.7260-0.7270 range. At 0.7254 levels, the pair currently bearish as per the daily, hourly and 4-hour RSI.”
“More EUR offers await below the 200-MA on 4-hourly located at 0.7253. The immediate support is seen at 0.7221 (double top neckline), under which losses could be extended to 0.72-0.7198 (50% Fib retracement of 0.7012-0.7383).”
“38.2% Fib retracement at 0.7241 has acted as strong support earlier today, although a fresh drop below 200-MA on 4-hourly located at 0.7253 could breach the support at 0.7241.”
“Meanwhile, the immediate upside appears capped at the falling trend line resistance now located at 0.7266.”
Key Quotes
“On the hourly charts, we see the pair has been rejected at the falling trend line resistance earlier today. The EUR is being offered in 0.7260-0.7270 range. At 0.7254 levels, the pair currently bearish as per the daily, hourly and 4-hour RSI.”
“More EUR offers await below the 200-MA on 4-hourly located at 0.7253. The immediate support is seen at 0.7221 (double top neckline), under which losses could be extended to 0.72-0.7198 (50% Fib retracement of 0.7012-0.7383).”
“38.2% Fib retracement at 0.7241 has acted as strong support earlier today, although a fresh drop below 200-MA on 4-hourly located at 0.7253 could breach the support at 0.7241.”
“Meanwhile, the immediate upside appears capped at the falling trend line resistance now located at 0.7266.”