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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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August 20 23:00 UTC Released

JPReuters Tankan DI

Actual

27 %

Forecast

Previous

26 %

August 20 21:00 UTC Released

KRPPI Growth MM*

Actual

0.1 %

Forecast

Previous

-0.4 %

August 21 08:30 UTC 338338m

ID7-Day Reverse Repo*

Actual

Forecast

Previous

6.278 %

August 21 08:30 UTC 338338m

IDDeposit Facility Rate*

Actual

Forecast

Previous

18.283 %

August 21 12:30 UTC 578578m

IDLending Facility Rate*

Actual

Forecast

Previous

0.9 %

August 21 12:30 UTC 578578m

DEZEW Economic Sentiment*

Actual

Forecast

Previous

0.13 %

August 21 12:30 UTC 578578m

USNational Activity Index*

Actual

Forecast

Previous

0.13 %

August 21 12:30 UTC 578578m

CAWholesale Trade MM

Actual

Forecast

-0.4 %

Previous

0.9 %

August 21 14:30 UTC 698698m

TRReuters Tankan DI

Actual

Forecast

Previous

811.8 Bln TRY

August 21 14:30 UTC 698698m

DEZEW Current Conditions*

Actual

Forecast

Previous

811.8 Bln TRY

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