EURGBP has its own wild swings. Price falls back to close, MAs and stalls

Technical Analysis

Author: Greg Michalowski | eurgbp

The low is set

The EURGBP has had it's own wild swings.

The price shot up to a high at 0.8956 on the initial statement and start of the presser. Then tumbled back down at an even faster pace.  The fall stalled right at the close from yesterday, the 100 hour MA, the 100 and 200 bar MA on the 5-minute chart.  That stalled the fall.

Looking at the hourly chart, the move higher took the price above the swing high from March 6th and March 2nd at 0.8943 and 0.8951 respectively, but failed (those levels are now resistance targets). Before the last few hours, the price had traded above and below the 100 hour MA (blue line in the chart below). That MA is now trying to hold support. A move below is more bearish.