EURGBP trades at session highs

By Forex Zone
August 25, 2016

Approaching the 100 bar MA on the 4-hour chart. Risk can be defined and limited

It was yesterday, that traders took the EURGBP lower and that pushed the price to test the 200 bar MA on the 4-hour chart  at the 0.8479 level  The low reached 0.8484 and the rally began. Risk could be defined and limited.

Today the price advance has continued with the price extending above trend line resistance and more recently above the 38.2% retracement of the moved down from the August 19 high at 0.85636.

The move is also taking the price close to the 100 bar MA on the 4 hour chart at the 0.8570 level.

Like at the 200 bar MA on the 4-hour chart, I would expect that traders will look to lean against the area between 0.85636 and 0.8570. Why? Risk me defined and limited.

Leave a Reply

Your email address will not be published. Required fields are marked *