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Daily analysis of EURGBP for February 24, 2016


Daily analysis of EURGBP for February 24, 2016

On chart H1: EUR/GBP current price is £0.78855 at 10:20 A.M GMT, after moving in narrow range from around £0.76729. The pair is moving in uptrend, heading to the overbought zone. RSI is now 65.94, showing strong buying strength. The pair is anticipated to go up further, hitting the overbought zone before dimming.

H1

H1

On chart D1: EUR/GBP current price is 0.78873. The dots have been separated by the price with two dots coming below the movement after putting pressure above it. The pair now is supported by the dot band, suggesting the bullish trend. At the moment, this uptrend is anticipated to last more as there has not been a break yet.

D1

D1

Daily chart’s resistance levels: 0.79770 / 0.80650

Daily chart’s support levels: 0.77550 / 0.76842

H1 chart’s resistance levels: 0.79000/ 079400

H1 chart’s support levels: 0.78527 / 0.78344

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the RSI breaks through the 70 threshold; take profit is at 0.78700, and stop loss is at 0.79570.

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