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FxWirePro: EUR/GBP capped below 5-DMA, good to go short on rallies

  • EUR/GBP is extending declines from major trendline resistance at 0.8780.
     
  • The pair is trading slightly higher on the day after upbeat German PPI data.
     
  • Upside, however, finds stiff resistance at 5-DMA by 0.8702, further upside only on break above.
     
  • Technicals are slightly bearish, Stochs have rolled over from overbought zone and MACD is on verge of a bearish crossover.
     
  • Confirmation with bearish MACD crossover and RSI fall below 50 levels will see further drag.
     
  • Cloud top at 0.8615 is immediate support. Violation there could see test of 100-DMA at 0.8579.
     
  • Focus on UK producer price and consumer inflation data due Tuesday for further impetus in the pair.

Support levels - 0.8614 (20-DMA and cloud top), 0.86, 0.8579 (100-DMA)

Resistance levels - 0.8702 (5-DMA), 0.8770 (trendline), 0.8787 (Mar 13 high)

TIME  TREND INDEX  OB/OS INDEX  
  
1H          Bullish               Neutral       
4H          Neutral               Neutral       
1D          Neutral               Neutral        
1W         Bullish                Neutral      

Recommendation: Good to go short on rallies around 0.8690, SL: 0.8740, TP: 0.8615/ 0.86/ 0.8580

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -14.8883(Neutral), while Hourly GBP Spot Index was at -23.1018 (Neutral) at 1230 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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