Online Money Exchange – EURGBP Daily chart analysis 6th September 2013

Online money exchange

News on online money exchange – EURGBP has been on steep fall over the past couple of weeks after failing to break the monthly fib level highs at 0.88175. You will also notice that Price broke the 200sma around the 29th August. This is the 1st time the 200sma has been breached since mid November 2012.

One thing to notice however that Price is now testing a previous MAJOR S&R level at 0.8400 mark (round number) Price has on a number of occasions in the past consolidated at this level and bounced – This level is also at Weekly fib level – the 38.2% level (look at chart below). So for this to continue to looking negative – this strong level of support will need to be breached. The sooner the better. The longer Price takes to do so the more likely Price will start to look upside… I’d make a note to wait for a Daily close below this level. A full bodied engulfing candle lower would go a long way to putting more confirmation to the downside.

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One to keep an eye on for the coming week……

Online Money Exchange – EURGBP Daily chart analysis

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