6 Apr 2016

EUR/GBP - 100% BREAKOUT TARGET COMPLETED

EUR/GBP WEEKLY

The rate has hit the 100% breakout target from the inverse head and shoulders pattern from the last year. The current level at 0.8050 is also an important resistance from 2014 and a possible confluence point with a long term falling trendline.

As long as we haven't seen a strong daily close above these levels my bias is bearish for the pair, however, for any new short positions I first need to see a strong rejection from the trendline and optimally a daily close below the last week's open price at 0.7892.




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