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EURGBP intraday analysis 29.03.2019

Short-term bullish bias
Key levels: downside: 0.8585/ upside: 0.8660

The pair bounced back from the 0.8480 daily support as a strong indication that the euro might have bottomed out. It is still premature to say the pair will reverse the course, a new high could provide such a confirmation.

The price broke above the 4H resistance of 0.8595 with a 50-pip bullish candle, suggesting aggressive momentum from the buy side. 0.8700 is a psychological level to push for. On the hourly chart, the price is testing the 50% (0.8555) Fibonacci retracement level. We can expect buying interests to pour in if key support levels hold.

0.8555 and 0.8540 are key the support levels to keep the bullish bias. Below these, the price could reverse to 0.8520.

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