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EUR/GBP forecast for the week of January 9, 2017, Technical Analysis

By:
Christopher Lewis
Published: Jan 7, 2017, 04:37 UTC

The EUR/GBP pair initially fell during the week but turned around to show signs of support. The market has quite a bit of resistance at the 0.87 level

EUR/GBP weekly chart, January 09, 2016

The EUR/GBP pair initially fell during the week but turned around to show signs of support. The market has quite a bit of resistance at the 0.87 level above, and as a result I think the sellers could come back at that level. However, if we break above the 0.87 level, the market should then reach to the 0.90 level. The market breaking down below the bottom of the candle for the week would send us looking for the 0.83 level alternately. Regardless, expect quite a bit of volatility.

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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