EURGBP has fallen back below its 200 day MA on Juncker comments

Technical Analysis

Author: Greg Michalowski | eurgbp

EURGBP falls below its 200 day moving average of 0.8833

The EURGBP has moved lower on the back of European commissioners Junckers positive comments on Brexit.  

EURGBP falls below its 200 day moving average of 0.8833
The price action has moved below its 200 day moving average of 0.8833.   Recall from yesterday that the price also fell below that level, only to recover and the price corrected higher in the London session.

For most of the New York session, the pair has been stepping lower. The last run to the downside increases the bearish bias below that key 200 day MA.

On the downside, there is a trendline target that comes in at 0.8798. The low price has reached 0.88151 so far.  A break below would increase the bearish bias. 

Looking at the daily chart below, the 61.8% retracement of the move up from the March 2019 low (and low for the year) comes in at 0.8797. That level is close to the lower trendline from the hourly chart at 0.8798. The dual support increases that levels of importance from a technical perspective.

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