EURGBP trades near April high

Technical Analysis

Author: Greg Michalowski | eurgbp

EURGBP bounced off the 100/200 bar MA on the 4-hour chart

The EURGBP is up trading near the high for the month of April at 0.87192. The high price reached 0.87172 today so far.  

EURGBP bounced off the 100/200 bar MA on the 4-hour chart
For the week, the price tumbled lower on Monday, but found support buyers near the 100/200 bar MA on the 4-hour chart. The price moved higher on Tuesday, corrected down to an upward sloping trend line on Wednesday and bounced. Yesterday, the pair's price moved above the 100 hour MA and it was off to the races. The move above the 200 hour MA, just added more fuel to the fire. 

In trading today, the low stalled at a swing area between 0.8667 to 0.86735, found risk defining buyers, and moved higher.  

The pair is up testing the highs from last week between 0.8711 and 0.87192. Get above, and the bulls are even more in control.  Stay below and a return to the 0.8667 to 0.86735 and the rising 200 hour MA (at 0.8662 currently and moving higher) would be the targets. 



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