Forex technical analysis: EURGBP cracks below the 100 hour MA

Technical Analysis

Author: Greg Michalowski | eurgbp

Outside day at a peak

The EURGBP has cracked below its 100 hour MA at 0.8955 and stops were triggered and the price scooted to 0.8920.  That 100 hour MA has stalled the fall over 3-4 days. The break is a change of that trend.

Moreover, the pair today reached a new swing high and has now traded below the low from yesterday. We have an outside day.  We are below the close which is also more negative technically.  

Bears/sellers are taking more control on the break.  IF they mean it, they should lean against the 100 hour MA - this time they should use it as resistance instead of support. 
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookies