FxWirePro: EUR/GBP finds major resistance at 0.8485, intraday bias lower

• EUR/GBP trades a narrow range, made a high of 0.8446 and a low of 0.8422.
   
• Mixed German trade and industrial production data failed to provide support to the single currency.
   
• Germany Trade Balance s.a. came in at €19.6B, below expectations (€20.9B) in March.
   
• Germany Industrial Production s.a. (MoM) came in at -0.4%, above expectations (-0.6%) in March.
   
• 20-DMA at 0.8447 caps upside in the pair. The pair finds next strong trendline resistance at 0.8485, upside only on break above.
   
• Technical indicators are slightly bearish, scope for test of 0.8348 (38.2% Fib)

Support levels - 0.84 (Apr 28 & Feb 22 low), 0.8348 (38.2% Fib of 0.6930 to 0.9225 rise), 0.83 (Dec 5 2016 & Apr 18 low)

Resistance levels - 0.8447 (20-DMA), 0.8460 (5-DMA), 0.8490 (trendline)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bearish               Neutral      

4H          Bearish               Neutral      

1D          Bearish               Neutral       

1W         Bearish               Neutral     

Recommendation: Good to go short on rallies around 0.8440/45, SL: 0.8490, TP: 0.84/ 0.8350

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 23.1353(Neutral), while Hourly GBP Spot Index was at 117.153 (Bullish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.