The 0.7000 level hold below AND the 100 and 200 hour MAs are broken above
The 0.7000 level was a support level for the EURGBP ( see earlier post ). I expected the broken 100 and 200 hour MA to hold rallies on a correction, but instead the price pushed right through the converged MA lines and in the process, moved back above the the consolidation area the gripped the pair from Nov 17 to yesterday's trading. Well, I will take it.
The next target is the 50% of the move down today at the 0.70405 level. I would EXPECT sellers there, but that is what I thought at the 100 and 200 hour MAs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.