Slobodan Drvenica
Windsor Brokers
EUR/GBP
EUR/GBP remains in red for the fifth consecutive day and fell to the lowest I six weeks on Wednesday.
The pair is trending lower within thick daily cloud, as break of pivotal supports at 0.8661 (Fibo 38.2% of 0.8492/0.8765) and 0.8650 (Nov 6 former higher low) generated fresh bearish signals and added to negative stance.
Bears eye next targets at 0.8637/29 (100DMA / 50% retracement) which guard more significant daily cloud base (0.8616).
Meanwhile, bears may pause after recent fall as daily studies are oversold, with upticks to be capped by significant barriers at 0.8677 (daily cloud top / 200DMA) and offer better selling opportunities.
Only return and close above cloud top would sideline bears for stronger bounce.
Res: 0.8765; 0.8792; 0.8808; 0.8863.
Sup: 0.8735; 0.8713; 0.8705; 0.8688.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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