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Old 11-17-2016, 07:03 AM   Nav to Top 
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Technical analysis of the currency pair EUR/GBP on 17/11/2016.

General analysis.
From the moment of opening of the market this week currency EUR / GBP pair is trading without significant volatility and practically without any growth or decline. Right now, the price is located at the same level as it was at opening time on Monday. On the graph, we can see a clear upward movement during the last week without any corrections. At the moment, the price is approaching to the support level on the mark 0.8550 and we have all the reasons to expect a Ā«reboundĀ» from it.

Euro has already begun to adjusted and to decrease against the US dollar and we expect such actions from the British pound also. The fact that prices is located close the important support levels serves us a signal for opening long.

Traders should attentively follow the market in next few days and after receiving confirmation about the "rebound" from the level opens long deals with a medium volume.

Next few days

Today, it is too early to open long since the bottom of the downward movement was not formed yet and there is a high probability of "false breakouts". But at the same time, it is too late to open long.
We recommend opening for buy after the bottom formation at the level of 0.8560 with target points of taking profit at the mark 0.8790. Order S/L can be set up by 20-30 points lower than the downward movement bottom.

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