Chart of the Day – EUR/GBP 13.3.2014
Topic: Chart of the Day – EUR/GBP 13.3.2014
An incredible turnaround for the monetary unit within the past few days has seen the downtrend that has been in situ since July broken, however, there has additionally been a clear stage on top of the key resistance at £0.8350 that has completed a base pattern. This currently suggests more recovery towards subsequent key resistance at £0.8466 that is additionally around wherever the five hundred Fibonacci retracement of the large July to Feb sell-off comes in at £0.8463. Momentum indicators still improve and moving averages are turning higher. The intraday hourly chart shows very little sign of the recovery decreasing, with momentum indicators firmly in bullish configuration and a series of upper lows being supported by the rising 555 hour moving average (currently £0.8347).