FxWirePro: EUR/GBP fails at 0.95 handle, weak German IFO Business Climate adds downside pressure

EUR/GBP chart - Trading View 

EUR/GBP is extending weakness for the 2nd straight session after bulls failed to takeout 0.95 handle.

The pair was trading 1.95% lower on the day at 0.9123 at around 10:00 GMT, extending previous session's 0.82% drop.

Euro dampened after the ECB announced a €750 billion QE programme late on Wednesday, expected to run at least until year-end.

Poor data which showed preliminary German IFO Business Climate dropped to 87.7 for the month of March, the lowest level since August 2009 added to the downside pressure.

Also, data released earlier today showed Eurozone Current Account surplus widened to €34.7 billion during January.

The pair has retraced below 5-DMA and is on track to test 200H MA at 0.9018.

Stochs and RSI have rolled over from overbought levels and break below 200H MA will plummet prices further.

Next major support lies at 21-EMA at 0.8859. Failure to close below 5-DMA negates bearish bias.