EUR/GBP: Tests Important 7753 Lows
Jason Sen | Oct 01, 2014 07:45AM ET
The EUR/GBP in a 12 month bear trend and broke 7781 which as stated yesterday was always likely in a bear trend. The pair went for our next target and a test of important 2012 lows at 7753. This is also 7 year Fibonacci support and we advised to exit shorts and try longs with wide stops below 7725. The pair bottomed just 5 pips early. IT IS TOO RISKY NOW TO RUN SHORTS ANY FURTHER AFTER YESTERDAY'S BOUNCE FROM THE IMPORTANT SUPPORT. Again today the 7765/55 area is a medium term buying opportunity with stops below 7725.
Immediate resistance at 7795/7800 but above here is more positive and targets 7825/30. A good chance of a high for the day but shorts need stops above 7850.
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