EURGBP tests 200 day MA support as selling pressure continues today
December 31, 2009 by Greg Michalowski · Leave a Comment
The EURGBP is down testing the 200 day MA 0.8855 level. The pair has continued its assault to the downside today after yesterdays sharp move lower. Of course action is winding down for the year so I do expect action to quiet down, but come Monday, the moving average will come back into focus as traders all return and look for the new opportunities in the New Year.
EURGBP moves higher. Controlling the EURUSD and GBPUSD moves today.
December 21, 2009 by Greg Michalowski · Leave a Comment
The EURGBP moved sharply higher in the last hour after breaking above trendline resistance and then the 100 hour MA(blue line in the chart above) for the first time in a week. The 100 hour MA came in at 0.8899. After testing the level first, the next move to the area, sent the pair sharply higher (See chart above).
The move has the EURUSD and the GBPUSD moving in opposite directions today. The EURUSD is up on the day while the GBPUSD is lower from Friday’s close. Normally, the dollar moves in the same direction against these currencies but not today. SO take note that the dyanamics of each are being pushed and pulled by the EURGBP.
On the topside for the EURGBP, the correction is now targeting the 38.2% retracement line at the 0.8943 level. Also near that level is the key 100 day MA at the 89.39 level today. Look for sellers against this level today. The high has come in at 0.8927 today (blue line in the chart below).
The EURUSD has been sold of late on the back of the downgrade of Greece and risk for similar downgrades in other countries going forward. As a result, it has been steadily sold since December 9th. The move higher today is largely a correction after consolidating near the bottom for the last two days. Look for sellers against the 0.8939/43 area to limit the upside. This may help reverse the EURUSD and GBPUSD moves today. Watch the pair for clues.
Eur/Gbp below 100 hour M/A
December 10, 2009 by Vincent Facchino · Leave a Comment
Eur/Gbp is trading below its 100 hour M/A of .9043. There are market rumors stating some Eur/Gbp selling going into the fixing. If the pair remains below .9043 a sell off down to .9005 is possible where some trendline support is present.
A break above should bring the pair to .9064 where the 200 hour M/A and 50% Fibo lie.
Eur/Gbp above 200 hour M/A
December 9, 2009 by Vincent Facchino · Leave a Comment
Eur/Gbp is trading above its 200 hour M/A of .9070. It is now testing resistance at .9085, the 38.2% Fibo retracement. If the pair can break above .9105-10 should be next level of resistance.
A move to downside will find some support at .9070. A stronger support level is .9050, the 100 hour M/A for the pair.
Eur/Gbp comes off highs, touches 100 hour M/A
December 4, 2009 by Vincent Facchino · Leave a Comment
Eur/Gbp has come off session highs about 20 points and touches its 100 hour M/A of .9089. The moves of this pair the last couple of days have been well defined as we have been portraying in recent hourly charts.
A break below .9089 should bring Eur/Gbp down to .9065-70 level where it has support at .9072 (200 hour M/A) and .9064 (50% Fibo).
If the pair can hold look for a move back up to .9110-15, although a break to the downside seems more likely.
Eur/Gbp above 200 hour M/A on sterling weakness
December 3, 2009 by Vincent Facchino · Leave a Comment
Eur/Gbp has risen above its 200 hour M/A of .9063, mainly on sterling’s weakness going into Services PMI figures out at 4:30 EST. If the pair can get a stronghold above look for a run to .9085 where the 100 hour M/A lies. Further upward momentum could bring pair to .9105, a level it found hard to break during yesterday’s session. If the level holds we should see a move back to .9040-45 area.
Eur/Gbp poised just above 61.8 Fibo
December 3, 2009 by Vincent Facchino · Leave a Comment
Eur/Gbp is poised just above the 61.8% Fibo of .9043, possibly for a move to the upside. If the pair can hold this level look for .9062 (200 hour M/A) to act as first level of resistance. Next level to upside would be the 100 hour M/A at .9089.
If we break below a retesting of yesterday’s low (.9024) is likely. This level should act as a good level of support.
Eur/Gbp finds some support at 200 hour M/A
December 2, 2009 by Vincent Facchino · 2 Comments
Eur/Gbp has traded down to its 200 hour M/A (.9056) and has found some support there for now. In the last 3 hours of trding the pair has given up just under 50 points.
If Eur/Gbp can hold look for a partial retracement of this move to the 38.2% fibo at .9085. A break below could bring the pair down to .9020 area, with light support at .9043 along the way.
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