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4 Apr 2013
Forex: EUR/GBP falls below support to trade at 0.8472/73
FXstreet.com (Barcelona) - The EUR/GBP fell below the 0.8500 support during American trading Thursday, in what has been a wild session for the pair. Having already bottomed out at 0.8435 (session low), the cross managed to recover its losses and nearly make a retest of the 0.8500 level – the attempt stalled at 0.8487, and now the pair trades at just 0.8472/73.
Following a drop below the 0.8500 support, the EUR/GBP is slated to face additional calculated measures at 0.8445, ahead of 0.8400, and finally 0.8380. Conversely, any upside attempt or subsequent movement higher will encounter means of resistance at 0.8555, then 0.8575, and finally 0.8600, notes the ICN.com technical analyst team.
“The EUR/GBP pair failed to hold above 0.8500, we mentioned earlier that trading for few hours above 0.8500 is needed to confirm the bullish scenario, actually, the pair printed a strong reversal candlestick pattern, suggesting we may see a downside reversal.” notes the ICN.com analyst team.
Following a drop below the 0.8500 support, the EUR/GBP is slated to face additional calculated measures at 0.8445, ahead of 0.8400, and finally 0.8380. Conversely, any upside attempt or subsequent movement higher will encounter means of resistance at 0.8555, then 0.8575, and finally 0.8600, notes the ICN.com technical analyst team.
“The EUR/GBP pair failed to hold above 0.8500, we mentioned earlier that trading for few hours above 0.8500 is needed to confirm the bullish scenario, actually, the pair printed a strong reversal candlestick pattern, suggesting we may see a downside reversal.” notes the ICN.com analyst team.