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Forex technical analysis: EURGBP tests recent swing highs

Highs from Monday and October 20th stall on the first look

The EURGBP has been moving higher in trading today, but has just reached a recent resistance area against the high from Monday's opening (at 0.9023), and the October 20th high (at 0.90257). The high just printed 0.90224 and has backed off a few pips.

If the swing high is to fail, I would like to see a move back below 0.9010 which is the 50% midpoint of the move down from the October 11 high. Get below that level (and stay below) and the sellers against the highs will feel a little more comfortable about sticking the toe in the water. Absent that, and a move higher will be expected with the 0.90407 the next target (61.8% on the chart above).

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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