Forex technical analysis: EURGBP tests 200 day MA

Technical Analysis

Author: Greg Michalowski | eurgbp

EURUSD tests 100 day MA. EURGBP tests 200 day MA

The posts on the EURUSD show support against the 100 day moving average at 1.1175. Meanwhile over at the EURGBP, the pair is testing the 200 day MA at the 0.7255 level. The low for the day came in at 0.7249.  So both pairs are sitting on key MA support levels. It gives traders a level to lean against with risk defined and limited.  



Fundamentally, the levels SHOULD break (Retail sales in the UK were better even with lower revisions), but technical levels can get in the way...

Looking at the GBPUSD (see chart below) , the pair once again moved above the 100 day MA and once again FAILED. The tumble (admittedly following the EURUSD) has taken the price below the 200 hour MA at the 1.54139 level (risk for shorts now). The price is approaching support against the 382.% and other swing highs going back to Oct 9 and October 13 at the 1.5382-90 area.


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