EURGBP
While both the EUR and GBP are in search of another clean close higher against the USD, it is always interesting to look at the cross to see which currency is trading stronger. The EUR, after trading lower since mid July, is finally starting to break north again. Tuesday’s price action pushed the EUR above trend line Resistance and it was followed by yesterday’s close higher to the 50 day moving average. If the EUR closes above the 100 day MA , currently near an 84 handle then the EUR may rally hard against the GBP, especially if the GBP fails to break north against the USD. However, if the the 50 day moving average holds firm Resistance then the EUR may fall back into trend line support and resistance as it will trade lowe
While both the EUR and GBP are in search of another clean close higher against the USD, it is always interesting to look at the cross to see which currency is trading stronger. The EUR, after trading lower since mid July, is finally starting to break north again. Tuesday’s price action pushed the EUR above trend line Resistance and it was followed by yesterday’s close higher to the 50 day moving average. If the EUR closes above the 100 day MA , currently near an 84 handle then the EUR may rally hard against the GBP, especially if the GBP fails to break north against the USD. However, if the the 50 day moving average holds firm Resistance then the EUR may fall back into trend line support and resistance as it will trade lower.
Similar Posts:
- Daily Forex Analysis – June 29, 2011
- Daily Forex Analysis – July 21, 2011
- Daily Forex Analysis – July 20, 2011
- Daily Forex Analysis – June 16, 2011
- Daily Forex Analysis – July 27, 2011
