EURGBP moves back above its 100 hour moving average


EURGBP has moved above its 100 hour moving average

Both the EURUSD and the GBPUSD are moving higher, but the EURUSDs rises outperforming the GBPUSD. That has the EURGBP moving higher.

The EURGBP has been trending more to the downside cents the December 8 peak at 0.8598. The price reached a low on Wednesday
trade at 0.83340. Technically, the correction yesterday saw the price move up to test its falling 100 hour moving average. Sellers leaned against that moving average on two separate occasions.

Today, after bottoming near the late day swing low from Wednesday at 0.83366, the price has waffled higher and more recently moved above the aforementioned 100 hour moving average currently at 0.83562 (and still moving lower).

Although the moving average has been broken (step 1 for the buyers), the price remains below the swing high from yesterday and Wednesday and swing lows going back to last Friday and Monday earlier this week. That swing area comes between 0.8367 and 0.83717.

So, getting above the 100 hour moving averages step 1. Getting above the swing area would be a step 2. The falling 200 hour moving average currently at 0.83794 would be step 3 in increasing the bullish bias for this trading pair. PS. The last time the price traded above its 200 hour moving average was back on December 21.



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