EURGBP – Temporary bounce, but gains targeted
This week's bearish bias was proved by initial downside yesterday. But although a fourth down day in a row was posted, the lows, and oversold extremes, were firmly rejected. More than half of the initial decline was regained and although that only took EURGBP back to the 200-day moving average, intraday studies are left temporarily positive looking for a more pronounced test of the moving average area.
Management and risk description
A move to 0.8823 means the stop can be raised to break even.
Entry: Buy in 0.8785/90 area and at 0.8765
Stop: 0.8745 offered
Target: 0.8823, 0.8840 and 0.8853
Time horizon: intraday, closing at 16:00 GMT
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