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15 Apr 2013
Forex: EUR/GBP edges higher after finding support
FXstreet.com (Barcelona) - EUR/GBP has had a whipsaw start to the week, opening overnight at 0.8538 and declining to post a daily low at 0.8514, before bouncing to 0.8541 and dipping to find support at 0.8521.
Having made the last level of support at 0.8521, where the hourly 55 MA sits, spot has since climbed to where it is currently trading at 0.8533, just above the daily pivot point at 0.8528. Today's price action looks to be forming a triangular formation in the absence of any economic data which could act as a driver. Hourly MA´s are showing an upside bias with the longer measures, but in the near term, the signal is neutral. Hourly stochastics are at 31 and look to be flattening while RSI sits at 52 in a mid point ranging movement.
Having made the last level of support at 0.8521, where the hourly 55 MA sits, spot has since climbed to where it is currently trading at 0.8533, just above the daily pivot point at 0.8528. Today's price action looks to be forming a triangular formation in the absence of any economic data which could act as a driver. Hourly MA´s are showing an upside bias with the longer measures, but in the near term, the signal is neutral. Hourly stochastics are at 31 and look to be flattening while RSI sits at 52 in a mid point ranging movement.