FxWirePro
Long

EUR/GBP holds trendline support, good to buy dips

FX:EURGBP   Euro / British Pound
353 0 5
EUR/GBP             deflated by dovish Draghi comments which bolstered expectations for ECB to cut depo             rate, expand/extend QE at Dec 3 meeting . The pair hit session lows at 0.7040 and has hence pared some losses to currently trade at 0.7056.

Draghi said indications that inflation will recover are weakening and that if price stability is at risk, ECB would use all instruments within their mandate. The remarks address a key barometer of economic health that is used to determine what further action, if any, the ECB will take to ease monetary policy .

Strong trend-line support seen for the pair at 0.7040. The pair has taken support and edged higher. Immediate resistance is seen at 0.7078 (session high Nov 12th)

We have closed our earlier short and now recommend buying on dips around 0.7040/50, SL: 0.6980, TP1: 0.7100, TP2: 0.7145

Bullish invalidation on breaks below 0.6925
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