- EUR/GBP is trading a narrow range as we head into the European session.
- The pair is holding above major trendline support (currently at 0.8450) from a few trading sessions.
- We see weakness on break below, test of 0.8333 then likely ahead of 0.8248.
- Focus now on Eurozone final manufacturing PMI readings and employment data for fresh impetus on the EUR.
- Support levels - 0.8450 (trendline), 0.8333 (Sept 6 low), 0.83, 0.8248 (July 14 low)
- Resistance levels - 0.8497 (5-DMA), 0.8608 (20-DMA), 0.8630 (20-DMA)
Recommendation: Short break below 0.8450, SL: 0.85, TP: 0.84/ 0.8333/ 0.83
FxWirePro's Hourly EUR Spot Index was at 77.3351 (Slightly Bullish), while Hourly GBP Spot Index was at 76.702 (Slightly Bullish) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
