Slobodan Drvenica
Windsor Brokers
EURGBP
The cross remains in red on Tuesday, following strong fall on Monday, which broke through plethora of supports, provided by daily MA's and generated another bearish signal on close below Fibo 61.8% of 0.8791/0.9013 upleg at 0.8876. Today's action showed recovery attempts capped by broken 30SMA (0.8885), but the downside also remains limited by Fibo 76.4% support at 0.8843. Bearishly aligned MA's on daily chart and thick daily cloud weighing, favor further downside, but slow stochastic is entering oversold territory and warns of further hesitation of near-term bears. Extended upticks should be limited (ideally to remain below daily Kijun-sen) to keep bears in play for extension of bear-leg from 0.9013 (15 Nov peak and strong upside rejection) towards next target at 0.8791 (07 Nov trough).
Res: 0.8876; 0.8895; 0.8912; 0.8937
Sup: 0.8843; 0.8811; 0.8791; 0.8732
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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