Forex: EUR/GBP slightly above 0.8600

on Aug 27, 2013
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_iNVEZZ.com August Tuesday 27th_: Yesterday’s trading was unable to overcome the 0.8600 key level, which is currently acting as a resistance. At the end of the day the EUR/GBP lost 0.06 percent with the daily candle opening at 0.8590 and closing at 0.8584. The pair traded within the range 0.8595 to 0.8576, a sluggish 19-pip movement.

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Forex: EUR/GBP – just below 0.8600 Currency Briefing: Week begins on a calm note

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Today the picture is different with the price dropping initially to an intraday low at 0.8580, but since being in an ascent. The pair crossed above the 0.8600 level and is currently trading slightly above this level – at 0.8609. The intraday peak of 0.8615 is the highest point for the past two weeks. This level (0.8615) has been providing resistance since 8 August. One pip below the 200-period simple moving average on the 4H chart is currently residing. The daily fractals from 13 August at 0.8608 and 23 August at 0.8602 are surpassed and the pair may rise more.

The MACD (9,12,1) oscillator is positive on the 1H, 4H and daily chart, supporting the bullish movements.
If the EUR/GBP extends its gains the next targets would be the psychological 0.8700 and the 1 August high of 0.8768. In the reverse scenario the price would be testing the 0.8400 strong support in the short to medium term.
Resistances today: 0.8615, 0.8650 and 0.8680.
Supports today: 0.8580, 0.8540 and 0.8505.
!fm[](/uploads/story/5113/eurgbpdaily_2708.png)

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**Start Investing The Social Way! >>**
Forex: EUR/GBP – just below 0.8600 Currency Briefing: Week begins on a calm note

FOLLOW our top traders or BET against them.
http://nvz.bz/13plAAQ

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