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EURGBP trade idea
EURGBP consolidating after a massive sell-off. It hit a high of 0.84335 and is currently trading around 0.84111.
Technicals-
Intraday trend is weak as long as resistance 0.4469 holds.
The pair is trading above 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8435, a breach above targets 0.84469/0.84610/0.8485. The immediate support is at 0.8420, any violation below will drag the pair to 0.8400/0.83830 (Jul 17th, 2024). Any close below 0.83830 confirms the resumption of a major downtrend.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - bearish
It is good to sell on rallies around 0.8430 with SL around 0.84470 for a TP of 0.83830.
