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FxWirePro: EUR/GBP recovery capped at 20-DMA, bias lower, stay short

  • EUR/GBP is extending declines after rejected at major trendline resistance at 0.8910.
     
  • The pair failed to hold break above 200-DMA retraces below 5-DMA, bias lower.
     
  • Price action in the red for the 3rd consecutive session. Minor recovery attempts capped at 20-DMA.
     
  • The pair is trading in a narrow range, with a day's high at 0.8801 and a low at 0.8778.
     
  • The pair is trading in a symmetric triangle pattern and break below 20-DMA has raised scope for extension of weakness.
     
  • RSI has turned south and Stochs are showing retrace from near overbought levels.
     
  • Next major support lies at 0.8715 (rising trendline) ahead of 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally).
     
  • On the flipside, breakout at 0.8910 could negate bearish bias. Scope then for upside till 0.90 levels.

Support levels - 0.8715 (Trendline & Feb 1 low), 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally), 0.8640 (channel base)

Resistance levels - 0.8803 (20-DMA), 0.8831 (5-DMA), 0.8860 (nearly converged cloud and 200-DMA), 0.89 (trendline)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-rejected-at-major-trendline-resistance-at-08910-slips-below-200-DMA-1140102) is progressing well.

Recommendation: Hold for targets.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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