The major European indices are closing mostly lower.
The exception is the UK FTSE 100 which is closing higher by about 0.25%.
Looking at the hourly chart of the UK FTSE 100, the price is closing near its highs and also just below its 100 hour moving average at 7787.49. The closing prices at 7787.36. Getting above that moving average will increase the bullish bias in the short term.
The low price and today reached down to 7718.33. At the time, that was above its rising 200 hour moving average currently at 7719.32 (see green line).
The price were to rotate back to the downside, getting below the 200 hour moving average and staying below would be needed to increase the bearish bias.
A look at the closing levels shows:
- German DAX fell -0.16%
- France's at CAC fell -0.21%
- UK's FTSE 100 +0.25%
- Spain's Ibex fell -0.04%
- Italy's FTSE MIB fell -0.30%
This article was written by Greg Michalowski at
www.forexlive.com.
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