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Technical Analysis
Forex Market Commentary By TitanFX
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[QUOTE="titanfx, post: 94277, member: 33464"] [SIZE=6][B]EURGBP – Critical Break Noted; More Upsides Ahead?[/B] [B][/B][/SIZE] [B]Key Highlights [/B] · Euro managed to gain traction against the British Pound and traded above a major resistance area. · There was a contracting triangle on the hourly chart, which was broken during the upside move. · Today, the UK Gross Domestic Product will be released by the National Statistics, which is forecasted to increase by 0.5% in Q3 2015. · Today, in New Zealand, the Trade balance released by Statistics New Zealand posted a trade deficit of $-3.678B, less than the forecast of $-3.760B in November 2015. [B]EURGBP Technical Analysis[/B] The Euro showed a lot of positive signs recently, and managed to recover not only against the US Dollar, but also against the British Pound. There was a contracting triangle on the hourly chart, which was breached by buyers to open the doors for more gains in the near term. [IMG]http://s10.postimg.org/v78on3ovt/EURGBP_12_23_2015.png[/IMG] The EURGBP pair traded a few pips above the 0.7400 resistance area and currently struggling to settle above it. There is a chance of a minor recovery or we can say a correction, which can be seen as a buying opportunity. On the downside, the broken triangle resistance area may now act as a support and holds losses if the pair moves lower from the current levels. ------------------------------------------- [B][I]Posted by Aayush Jindal - 'Titan FX Currency Analyst'[/I][/B] [/QUOTE]
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