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EUR/GBP Forecast October 1, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 24, 2015, 21:00 UTC

The EUR/GBP pair fell hard during the course of the day on Tuesday but found enough support at the 0.7760 level to turn things back around and form a

EUR/GBP Forecast October 1, 2014, Technical Analysis

The EUR/GBP pair fell hard during the course of the day on Tuesday but found enough support at the 0.7760 level to turn things back around and form a hammer. This hammer suggests that we could get a little bit of a bounce from here, but quite frankly we feel that any rally from here will be faded by a majority of the marketplace. It is not until we get above the 0.79 level that we think that the trend is ending for the short-term, and therefore are looking for selling opportunities above. On the other hand, if we break down below the bottom of the hammer that is a selling opportunity as well.

 

EUR/GBP Forecast October 1, 2014, Technical Analysis
EUR/GBP Forecast October 1, 2014, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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