EURGBP remains in a range and trades back around the 100 hour MA

Technical Analysis

Author: Greg Michalowski | eurgbp

Topside trend line stalled the rally today

The EURGBP remains confined in a range with 0.8865 as the low and 0.8934 as the high.  The price has been mostly in that range since January 13 (5 days). 

Topside trend line stalled the rally today

The current price is between those 2 levels at 0.8897. That is also right around the 100 hour moving average at 0.88957. The price in the Asian session opened up below the 100 hour moving average but extended above that level toward the end of the session. The London session high reached a topside trend line near 0.89165 (at the time).  Sellers leaned against that level and the last 6 or so hours has sine wander back to the downside and toward the 100 hour MA.  

Below the 100 hour MA is a rising trend line at 0.88903. Move below each of those technical levels should increase the bearish bias. Stay above and the battle continues between the topside downward sloping trendline (at 0.8914 and moving lower) and the lower upper sloping trendline (at 0.88903 and rising). Traders will look for momentum on breaks of either extreme.  

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