EUR / GBP mid-day outlook | Forex Action

Daily pivots: (S1) 0.8875; (P) 0.8908; (R1) 0.8935; More…

The strong recovery in EUR / GBP suggests that the decline from 0.9000 was just a corrective decline and ended at 0.8880. The intraday bias first became neutral. On the upside, the breakout of 0.9000 will resume the rebound from 0.8670 to 61.8%, retracement from 0.9499 to 0.8670 to 0.9182 and above. On the downside, however, below 0.8880, the rebound from 0.8670 will be ended, and will go back down to retest this trough.

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Overall, although the decline of 0.9499 is deep, there is still no sign of a trend reversal. The upward trend of 0.6935 (2015 low) is expected to resume later at a projection of 61.8% from 0.6935 to 0.9263 from 0.8276 to 0.9715. This will remain the privileged case as long as the support at 0.8276 is maintained.


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