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FxWirePro: EUR/GBP breaks above 50-DMA, on track to test 'Triangle Top' at 0.8835

  • EUR/GBP has breached resistance at 21-EMA and edges higher to currently trade at 0.8704.
     
  • The pair has broken above 50-DMA and re-entered daily cloud raising scope for further upside.
     
  • The major is extending trade in a 'Symmetric Triangle' pattern and breakout will decide further directional bias.
     
  • For now, immediate resistance lies at 'Triangle Top' at 0.8835. Break above will test 38.2% Fib at 0.8920.
     
  • Technical indicators are neutral and are turning slightly bullish. RSI has shown a turn higher. Stochs are on verge of retrace from near oversold levels. 
     
  • On the flipside, we see immediate support at 50-DMA at 0.8754, break below eyes 61.8% Fib at 0.8682. Violation at 61.8% Fib could see test of Triangle base at 0.8655. 

Support levels - 0.8767 (21-EMA), 0.8753 (5-DMA), 0.87, 0.8682 (61.8% Fib), 0.8655 (Triangle base), 0.8620 (Apr 17 low)

Resistance levels -  0.88, 0.8835 (Triangle top), 0.89, 0.8920 (38.2% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -18.8854 (Neutral), while Hourly GBP Spot Index was at -135.72 (Bearish) at 1210 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
 

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