Nick Nasad
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EUR/GBP - Euro Breaches 0.84, Can Momentum Sustain?

The last time I wrote about the EUR/GBP, it had sliced through the 0.83 support level, and looked ready to extend downward. Well, after putting in a V-shaped bottom, the pair has gone the opposite way, with the EUR managing to not only get back above 0.8315 (an important pivot), but since then has broked a downward sloping resistance trendline, and pushed through a key horizontal level at 0.8390.

The pair had been as high as 0.8575 in late October, and it will be interesting now to see how it reacts once it reaches its mid-Nov. high near 0.8460. The Euro has generally been a on a mission over the last few weeks and we pointed out how the EUR performs in December historically, so let's see if this move against the GBP can continue.