Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURGBP reversed from support area
• Likely to rise to resistance level 0.8640
EURGBP currency pair today reversed up from the support area located between the key support level 0.854 (which has been reversing the price from February) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous impulse wave (iii), which belongs to the sharp upward downward impulse wave C from last December.
Given the bullish divergence on the daily Stochastic indicators – EURGBP is likely to rise further toward the next resistance level 0.8640 (top of the previous waves iv and ii).
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