28 Oct 2013
EUR/GBP taking on the 200 DMA
FXstreet.com (London) -EUR/GBP has printed a high of 0.8550 through the 200 DMA and has climbed from the gap in the charts from below 0.8520 while it currently oscillates around 0.8540.
Research teams said the EUR/GBP is pressuring the 200-day MA but a clear break higher remains elusive and price action looks potentially negative after yes- terday’s bearish “shooting star” signal peak coincided with a test of the 50% retracement resistance (derived from the 0.8770/0.8330 move down). “We have no strong views here at the moment but note that the 200-day MA has been a decent bellwether for the mar- ket in the recent past and the rejection of the 0.8550 area looks quite emphatic, even with today’s better bid tone. More broadly, Sep- tember/October price action may be corrective and forming a bear wedge (bearish below 0.8486 currently)”.
EUR/GBP Levels
The 20 DMA is 0.8458, the 50 DMA is 0.8464 and the 200 DMA is 0.8535. RSI (14) reads 70.11. Supports are ascending from 0.8425, 0.8443, 0.8465, 0.8494, 0.8535, 0.8555, 0.8572, 0.8603, and 0.8651.
Research teams said the EUR/GBP is pressuring the 200-day MA but a clear break higher remains elusive and price action looks potentially negative after yes- terday’s bearish “shooting star” signal peak coincided with a test of the 50% retracement resistance (derived from the 0.8770/0.8330 move down). “We have no strong views here at the moment but note that the 200-day MA has been a decent bellwether for the mar- ket in the recent past and the rejection of the 0.8550 area looks quite emphatic, even with today’s better bid tone. More broadly, Sep- tember/October price action may be corrective and forming a bear wedge (bearish below 0.8486 currently)”.
EUR/GBP Levels
The 20 DMA is 0.8458, the 50 DMA is 0.8464 and the 200 DMA is 0.8535. RSI (14) reads 70.11. Supports are ascending from 0.8425, 0.8443, 0.8465, 0.8494, 0.8535, 0.8555, 0.8572, 0.8603, and 0.8651.