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FxWirePro: EUR/GBP ignores Doji formation at 50-DMA, eyes 200-DMA at 0.8859, stay short on upticks

EUR/GBP chart on Trading View used for analysis 

  • EUR/GBP reumes weakness, trades 0.04% lower on the day at 0.89 at 0820 GMT.
     
  • The pair has ignored 'Doji' formation on the daily charts at 50-DMA support.
     
  • Price action has broken below 50-DMA and is on track to test 200-DMA at 0.8859.
     
  • Technical studies support weakness in the pair. RSI is below 50 and Stochs are sharply lower.
     
  • Scope for test of 200-DMA at 0.8859, further weakness only on break below.
     
  • Next major support below 200-DMA lies at 61.8% Fib at 0.8824. 
     
  • 55-EMA is immediate resistance at 0.8933. Break above 21-EMA required for further upside. 

Support levels - 0.8904 (110-EMA), 0.8875 (50% Fib), 0.8859 (200-DMA)

Resistance levels - 0.8913 (50-DMA), 0.8927 (38.2% Fib), 0.8958 (5-DMA)

Recommendation: Good to go short on upticks around 0.89/0.8910, SL: 0.8960, TP: 0.8875/ 0.8860/ 0.8825

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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