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EUR/GBP – Rising trend line could be put to test

OANDA:EURGBP   EUR/GBP
Thursday’s bearish hammer coupled with bearish daily MACD crossover, bearish 5-DMA and 10-DMA crossover suggests the bears are likely to take the pair down to the rising trend line support seen around 0.88 handle. A daily close below signal would signal medium-term trend reversal.

On the higher side, only a daily close above 0.9030 ( Oct             18 high) would signal bearish invalidation and could yield re-test of recent high of 0.9142.
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