EUR/GBP Touching SMA50, Target Almost Done
ICN.com | Mar 25, 2015 05:19AM ET
Updating our previous technical outlook for the EUR/GBP pair , we see how prices have maintained the initial resistance of 0.7240 where buyers have added more longs.
Stabilizing above SMA20 was a very positive technical catalyst that pushed the royal pair higher in the previous sessions, taking the pair towards 0.7380-just 20 pips below target at 0.7400- where traders re-experienced SMA50.
The positive crossover on MACD and the positivity on RSI14 may bring a new re-test of SMA50; however, we prefer to book profits in the current trading levels due to the solidity of moving average that sent the pair slightly downwards.
Finally, we will avoid trading the pair until new catalyst appears over daily studies to present a new entry point.
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