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Forex technical analysis: Be aware. EURGBP tests 100 day MA and retracement
The EURGBP has been moving sharply lower with the sharp rise in the GBPUSDs rally higher leading the way for this pair. The EURUSD has also moved higher but not at the rate of the GBPUSDs rise. Hence the sharp fall in the EURGBP.
The fall has taken the price of the EURGBP down to some key support. The 100 day MA and the 38.2% of the move up from the December low comes in at the 0.8638-41 area. The low today just fell to 0.8637. Buyers leaning?
The trend has been a one way move to the lows BUT a key support level should attract profit takers/dip buyers in and around the area. If there is a break, (maybe 10 pips below) I would expect the dip buyers giving up. We will see.
Drilling down to the hourly chart, watch the 0.8683 level above for more bullish clues. That is the 200 hour MA. The price fell below that MA line and then tested it and held on the correction in the last hour of trading. If the price is go higher off the 100 day MA, that MA line needs to be broken – this time to the upside.
The EURGBP has been moving sharply lower with the sharp rise in the GBPUSDs rally higher leading the way for this pair. The EURUSD has also moved higher but not at the rate of the GBPUSDs rise. Hence the sharp fall in the EURGBP.
The fall has taken the price of the EURGBP down to some key support. The 100 day MA and the 38.2% of the move up from the December low comes in at the 0.8638-41 area. The low today just fell to 0.8637. Buyers leaning?
The trend has been a one way move to the lows BUT a key support level should attract profit takers/dip buyers in and around the area. If there is a break, (maybe 10 pips below) I would expect the dip buyers giving up. We will see.
Drilling down to the hourly chart, watch the 0.8683 level above for more bullish clues. That is the 200 hour MA. The price fell below that MA line and then tested it and held on the correction in the last hour of trading. If the price is go higher off the 100 day MA, that MA line needs to be broken – this time to the upside.
