The EUR is the strongest of the major currencies today as investors piled back into EUR pairs after the move lower on the back of the Ukraine invasion.
Looking at the EURGBP daily chart below, the pair moved below a lower trendline connecting recent lows on both Friday and Monday, with the new cycle low on Monday reaching 0.8202. However momentum could not be sustained on either day and the price closed back above that broken trendline. Since Monday, the the price has now risen three consecutive days. Today’s move is the strongest with the price moving up 1.12% on the day.
The price moved up to test the 100 day MA at 0.84172. The high price reached 0.84169 – just below that key MA level. Sellers are leaning on the first look. It will take a move above to increase the bullish bias further now.
On the downside, keep an eye on the 38.2% at 0.8399 and below that the November swing low at 0.8377. Move back below those levels, and the sellers could jump back in – especially since the 100 day MA held. So watch those levels for short term bias clues for the pair.