EUR/GBP: The Long-Term Declining Trendline Has Been Broken

By: MIG Bank | Tue, Mar 11, 2014
Print Email

EUR/GBP continues to improve, as can be seen by the break of its long-term declining trendline. Monitor the test of the key resistance at 0.8350, as a break would call for further medium-term strength. A support stands at 0.8263 (intraday low). Another resistance can be found at 0.8405 (25/12/2013 high).

In the longer term, the technical structure remains negative as long as prices remain below the resistance at 0.8350 (13/01/2014 high). However, monitor the potential base formation near the support implied by the 61.8% retracement (of the 2012-2013 rise) at 0.8160. Another key resistance stands at 0.8464 (13/11/2013 high).

We have removed our long strategy given the recent new highs above 102.83.

Daily Technical Report



MIG Bank

Author: MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex broker to obtain a Swiss banking license. Since its foundation in 2003, MIG BANK specializes in online Forex trading and remains a leading Forex broker for clients in more than 120 countries.

No information published constitutes an offer or recommendation, to buy or sell any investment instrument, to any transactions, or to conclude any legal act of any kind whatsoever.

The information published and is provided by MIG BANK for personal use and for purposes only and are to change without notice. MIG BANK makes no representations (either expressed or implied) that the information and opinions expressed are accurate, complete or up to date. In particular, nothing contained constitutes financial, legal, tax or other advice, nor should any investment or any other decisions be made solely based on the content. You should obtain advice from a qualified expert before making any investment decision.

All opinion is based upon sources that MIG BANK believes to be reliable but they have no guarantees that this is the case. Therefore, whilst every effort is made to ensure that the content is accurate and complete, MIG BANK makes no such claim.

Limitation of liability
MIG BANK disclaims, without limitation, all liability for any loss or damage of any kind, including any direct, indirect or consequential damages.

Material Interests
MIG BANK and/or its board of directors, executive management and employees may have or have had interests or positions on, relevant securities.

All material produced is copyright to MIG BANK and may not be copied, e-mailed, faxed or distributed without the express permission of MIG BANK

All Images, XHTML Renderings, and Source Code Copyright ©