Refer EUR/GBP chart on Trading View
- EUR/GBP is extending its bull run for the 5th straight week, hits new 11-month highs at 0.9098.
- Upside has paused shy of 0.91 handle and break above could see test of 0.92 levels.
- Technical studies support further gains. Momentum bullish and major EMAs are upward sloping.
- That said, momentum indicators are at overbought levels and hence some pullbacks cannot be ruled out.
- Immediate support is seen at 5-DMA at 0.9055. We see major weakness only below 21-EMA.
Support levels - 0.9054 (5-DMA), 0.90, 0.8982 (21-EMA)
Resistance levels - 0.91 (trendline), 0.9225 (Oct 2016 high), 0.93 (Aug 2017 high)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 81.3691 (Bullish), while Hourly GBP Spot Index was at -1.08732 (Neutral) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
