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Apr 26 - 09:55 AM

EUR/GBP: H&S Base Targeting A Move Towards 0.8861 - Credit Suisse

By eFXdata  —  Apr 26 - 08:42 AM

Credit Suisse discusses EUR/GBP technical outlook and adopts a tactical bullish bias in the near-term.

"We now see a “head & shoulders” base established to reinforce the recent bullish “reversal week” to mark a more important turn higher. We would then see resistance initially at the 38.2% retracement of the fall from December at .8761 ahead of .8793/99 and then more importantly at the “neckline” to the medium -term top at .8851/61," CS notes. 

"Support moves back to .8679, with a break below .8667 needed to ease the immediate pressure off resistance at .8722/32, for a deeper fall back to .8647/44 next," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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