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FxWirePro: EUR/GBP pauses downside with Doji at lows, bias remains bearish

Chart - Courtesy Trading View 

EUR/GBP was trading largely muted at 0.8334 at around 10:55 GMT, outlook remains bearish.

The pair is extending weakness below daily cloud after price action was rejected at channel top.

Data released earlier today showed Eurozone’s Retail Sales rose by 0.3% MoM in February versus 0.6% expected and 0.2% last.

On an annualized basis, the bloc’s Retail Sales came in at 5% in February versus 8.4% recorded in January and missing estimates at 4.8%.

MACD confirms bearish crossover on signal line, ADX supports downside, price action has broken below 200H MA 

Momentum is with the bears, 5-DMA is sharply lower, GMMA shows bearish shift in the near-term moving averages.

Major Support and Resistance Levels:

Support - 0.8247 (Lower W BB), 0.8205 (200-month MA)

Resistance - 0.8379 (55-EMA), 0.8406 (110-EMA)

Summary: EUR/GBP poised for further downside. Test of 200-month MA at 0.8205 likely. 
 

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