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FxWirePro: EUR carnage continues into European session, good to sell EUR/GBP rallies

ECB tremors continue, EUR extends fall into European session after having steadied slightly in Asian trade.

  • Daily cloud base which is  just below at 0.7175 is the short target, 0.7195 (Sept 22 low) is a minor hurdle before that 
     
  • Prices have almost retraced all of the Sept/Oct rise, Slow stochs continue to head south but are in oversold territory, so caution advised
     
  • EUR/GBP is currently trading at 0.7218, with immediate resistance at 0.7252 (200 DMA) ahead of 0.7262 (Daily Cloud Top)
     
  • On the downside support is located at 0.7197 (Sept 22 low) and further below at 0.7175 (Daily Cloud Base)
     

Recommendation: Good to sell rallies around 0.7220, SL: 0.7255, TP: 0.7180

Resistance Levels:

R1: 0.7252 (200 DMA)

R2: 0.7262 (Daily Cloud Top)

R3: 0.7344 (10 DMA)

Support Levels:

S1: 0.7195 (Sept 22 low)

S2: 0.7175 (Daily Cloud Base)

S3: 0.7152 (Daily Low Aug 21)

 

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