EURGBP

EURGBP tries to move higher with more work to do

The  EURGBP  has moved marginally higher today, but in the process has moved back above its 100 hour moving average currently at 0.82862.

The pair initially broke above that moving average but found willing sellers against a swing area between 0.82936 and 0.82987. The price of the EURGBP moved back to the downside and below the 100 hour moving average, but based near lows from yesterday afternoon and earlier today near 0.8278.

The subsequent move back to the upside broke above the 100 hour moving average, the aforementioned swing area up to 0.82987, and up to the 200 hour moving average (green line) near 0.8313. That 200 hour moving average stalled the rise, and the price has since rotated back toward the swing area.

Needless to say there is ups and downs, but there is also some positive technical developments (based against swing lows, moved above the 100 hour moving average).

However getting above the 200 hour moving average is still a requirement if the buyers are to be taken more seriously (and assume more short-term control).

Absent that, and a rotation back down below the 100 hour moving average and the 0.8278 level would have traders looking back toward the extreme lows for the month of April at 0.8259 and 0.8249.

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