EURGBP breaks key average, pointing higher
The capping of demand for EURGBP over the previous three days at the 13 day moving average has proved to be temporary.
Instead of extending Monday’s setback from that point, renewed sterling weakness drove the cross higher.
This demand took EURGBP to test the developing trend of lower daily highs. That level held, on a closing basis, to dilute positive studies to a degree.
All the same, breaking the 13 DMA should prove positive for price movements today.
Management and risk description
A move to 0.8535 means the stop can be raised to break even.
Entry: Buy in at 0.8503/08 area and any dip to 0.8493
Stop: 0.8463 offered
Target: 0.8535 and 0.8552
Time horizon: Intraday, ending 1600 London time
Testing the trend
Source: All charts, CQG
— Edited by Adam Courtenay
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