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Collins: Looking for lower levels in EURGBP and here's why
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Alan Collins has three main reasons why he believes there are lower levels yet to be seen in EURGBP.
1. Last week’s upside was, for the 2nd week in a row, modest and stalled at the 100 day moving average.
2. That was followed by a renewal of selling this week that, with Monday’s strong decline, broke through the trend defining 13 day moving average.
3. Yesterday's rally attempt stalled, and reversed short of Monday’s Marabuzo line with prices now targeting the bottom end of an increasingly negative Keltner channel.
Targets: 0.7007, 0.6986 and 0.6962
Stop: 0.7074