Thursday, March 24, 2016

EUR/GBP Keeps Testing 0.79

EUR/GBP has been testing the powerful resistance at the 0.79 level, which coincides with the (EMA)89 (the green line) on the monthly time frame. The pair testing it even now.

I don’t know how many traders use (EMA)89, that is (Exponential Moving Average)89, in their technical analyses, but so far this indicator has never led me astray, especially when it comes to such a large time frame as the monthly one.

You can see for yourselves on the screenshots. On the weekly time frame the pair appears to be in the middle of nowhere, but on the monthly one the green line of (EMA)89 has been a barrier for the pair’s rise for a month now.

If it does manage to eventually break above 0.79 next level of resistance is 0.81.