FxGrow Daily Technical Analysis – 08th Jan, 2015
By FxGrow Research & Analysis Team
EURGBP - triple top pattern
Today's nonfarm payrolls data were extremely calm, despite that the forecasts were completely different. Unemployment in USA remained at 5% and US economy created almost 50% more work places in nonfarm sector than it was forecasted (292k vs 200k). EURGBP chart looks really interesting, where price (since last year's April) for the third time reached resistance 0.7480 and rebounded again.
Right now we can see triple top pattern, which is a declines signal. This time demand should try another attack at this resistance and it can even reach again to yesterday's high. At time-frame H4 the possibility of rebound is confirmed by yesterday's candle with a long upper shadow. Nearest supports: 0.7420, 0.7320, 0.7250. Key resistance at 0.7480 level.
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