FxWirePro: EUR/GBP fails at 20-DMA, good to go short on break below 0.8435

• Euro largely unchanged after Eurozone prelim GDP and PPI data.
   
• Eurozone economy advanced 0.5% on quarter in the three months to March of 2017 as expected.
   
• While, EZ Producer Price Index (YoY) registered at 3.9%, below expectations (4.1%) in March.
   
• EUR/GBP fails to hold gains above 20-DMA on two successive sessions, we see little support on the downside till 0.83 levels.
   
• We see spinning top and doji formations on daily charts at crucial 20-DMA resistance.
   
• Price action is well below Ichi cloud and major moving averages.
   
• The pair is currently holding 5-DMA support at 0.8439. A break below will see further drag.

Support levels: 0.8440 (5-DMA), 0.8404 (Mar 28 low), 0.8371 (Dec 2 & 9, 2016 low), 0.83

Resistance levels: 0.8460 (20-DMA), 0.85, 0.8530 (Apr 25 & 26 high), 0.8548 (100-DMA)          

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish                  Neutral    

4H          Neutral                  Neutral    

1D          Bearish                  Neutral    

1W         Neutral                  Neutral    

Recommendation: Good to go short on break below 0.8435, SL: 0.8485, TP: 0.84/ 0.8370/ 0.83

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 39.8245 (Neutral), while Hourly GBP Spot Index was at -73.4675 (Bearish) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.