- EUR/GBP extends winning streak, has breached 50% Fib retrace level at 0.8764.
- The pair had broken above major trendline resistance at 0.87 on Friday. Based on technical studies we see scope for further upside.
- EUR bulls buoyed after new poll of French voter intentions on Saturday showed Emmanuel Macron is still likely to defeat Marine Le Pen.
- Positive data from the Eurozone with good trade balance and current account numbers are also EUR positive.
- Focus now on ECB president Draghi's speech later in the European session for further impetus.
- BoE is expected to maintain neutral policy stance at the March 16 monetary policy meeting, while Brexit developments continue to weigh on GBP
Support levels - 0.8764 (50% Fib retrace of 0.9225 to 0.8304 fall), 0.8713 (trendline and 5-DMA), 0.87
Resistance levels - 0.88, 0.8852 (Jan 16 high), 0.8873 (61.8% Fib)
TIME TREND INDEX OB/OS INDEX
1H Neutral Neutral
4H Bullish Overbought
1D Bullish Overbought
1W Bullish Neutral
Recommendation: Good to go long on dips around 0.8765, SL: 0.8710, TP: 0.88/ 0.8850/ 0.8870
