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EURGBP trades to 100 hour MA and retracement level.

Discussion in 'Technical Analysis' started by ForexLive, Mar 17, 2016.

  1. ForexLive

    ForexLive Forum Member

    Sep 2, 2015
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    Tumbles on the GBPUSD surge The GBPUSD corrected to a key support area and then surged about 100 pips to new month highs (. see prior post) Meanwhile over in the EURGBP, the 0.7910 high (topside trend line - see chart above) held earlier in the London session, and that started the tumble lower. The fall has taken the price through lower trend lines, and that momentum has now taken the pair to the first key support target against the 100 hour MA and the 38.2% retracement (see chart above). Risk buyers took advantage of the low risk trade and have snapped the price back up to 0.7825 area, but the sharp fall has the buyers on the defensive now. The resistance is now at 0.7836 (the prior intraday low and 50% of the last leg lower from 0.78588 to 0.7813 - see chart below). That is the close risk level for shorts out there now. Stay below and the sellers remain in firm control.

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