EURGBP - Bullish & Buy .8932 Dip. Stop .8901, Thursday
|For a 3rd day in a row EURGBP probed below the 13 day mvg avg. For a 3rd day prices below that point found buyers. Price action was more subdued than the last 4 days – in fact, all trading was contained by the previous day’s range. This price action does not create strong signals for sentiment going into Thursday but the downside failure, an end to a sequence of 4 down days and further demand in Asia means our call for this morning is a Buy at .8950 but leaving room to also Buy any Dip to .8932, Asian low. The risk is Wednesday’s .8901 bottom with an immediate target of .8967. A move through that point then exposes sentiment to .8987, Friday’s open, or even .9005, the top of the daily Keltner channel.
Above Average
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