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EURGBP buyers and sellers battle it out between MA levels
A day ago, the EURGBP was ping ponging between the 100 day MA above (near 0.8468), and the 200 day and 100 hour MA below near 0.8438.
In the afternoon session, the pair cracked below the lower extreme reaching a low of 0.84176 on the follow through selling. The pair bottomed and returned back to the lower MA levels in the Asian session. Later, the price moved back above the 200 day and 100 hour MA, and sellers turned to buyers, and forced the price back higher.
That high today stalled once again against the 100 day MA (at 0.84684). Sellers leaned and the price has wandered back to the downside.
Technically, the holding of the 100 day MA both yesterday and today increases that ceilings importance going forward. Buyers had their shot. They missed. Having said that the 200 day MA and 100 hour MA was broken and failed as well.
As a result, the short term technical story is one of good resistance above (at the 100 day MA). Good resistance below (at the 100 hour and 200 day MA).
Traders will continue to look for the next shove with risk focused traders eyeing the aforementioned MA levels for lean levels. If the MAs are broken (either way) there should be momentum in the direction of the break.