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| EURGBP weekly |
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| EURGBP daily |
EURGBP has reached major support by getting close to 0.8285 level. In addition it has touched the lower boundary of the downtrend channel forming long lower candle shadow. It suggest breaking up.
At the daily chart we can see consolidation in 0.8300-0.8375 zone. Breaking over 0.8375 will open the way to 0.8425 level.
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| EURGBP H4 |
At the 4-hours chart we can see that the new uptrend channel has formed within higher time frame downtrend channel. After breaking over 0.8375 the primary target is at the 0.8410 level. Then we should expect some move down which should be supported on 0.8375. Later we can expect some further grow to the 0.8450 resistance level (and the upper line of the downtrend channel).
Alternatively - if the price falls below 0.8330 we can expect some further falling to the 0.8285 level.
Trade recommendation:
Buy after closing above 0.8375
Take profit levels:
Target 1: 0.8410
Target 2: 0.8450
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