EURGBP - Bullish & Buy .8932 Dip. Stop .8901, Thursday

Alan Collins 3cAnalysis

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

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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