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FXHFT

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Feb 19, 2015
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FXHFT

Newbie
Feb 19, 2015
5
0
2
EURGBP: Bears testing make or break resistance

EUDGBP Daily

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The bears will be closely eying the 1:1 (Purple) at 0.73900/4000 in EURGBP. This level is now the make or beak level for the bears, if solid selling interest is seen on the 1:1 (Purple) I expect the current down trend to continue. However any solid break and close above the 1:1 (Purple) could see this short covering rally pick up momentum.

EURGBP H1

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Moving down to the H1 chart you can see that the smart money has been buying into a number of 1:1 dips over the last few weeks, so at this stage the market remains in a strong position.

It will be best to sit on the sidelines for now until the market provides us with the next clue, this will come in the form of strong selling into the 1:1 (Purple) in which case selling intraday rallies will be the best play or a aggressive buying on a break of the 1:1 (Purple) in which case looking for buying opportunities will be the best play.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE
 

FXHFT

Newbie
Feb 19, 2015
5
0
2
EURGBP: Looking to sell intraday rallies

EURGBP Daily

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[/IMG]

I mentioned the importance of the 1:1 (Purple) a few days back in my daily report and the bears have been seen selling into this resistance level over the last 24 hrs.

Now as long as the bears can keep the market below this resistance level we should see selling pick up in the week ahead. Selling intraday rallies will be my preferred play going forward unless the bulls take out the 1:1 (Purple) resistance.

EURGBP H1

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The support level to keep a close eye on is the 1:1 (Blue) and 38.2 fib level that coincide at 0.7245/40.

* A 1:1 refers to a current correction being equal in length to a prior correction

ABOUT REECE MARINI

Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE