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FxWirePro- EURGBP Trade Idea
EURGBP trades highly volatile after flash PMI data. Intraday bias remains bearish as long as resistance 0.8380 holds. It hits a low of 0.82679 at the time of writing and is currently trading around 0.83198.
The UK Flash Manufacturing PMI for November 2024 is at 48.6, indicating that the manufacturing sector is still shrinking, but it's a slight improvement from last month’s 48.3. The Flash Services PMI is at 50.0, showing stagnation and a drop from 52.0 in October, marking the first contraction in services output.
The German Flash Manufacturing PMI for November 2024 is at 43.2, slightly better than expected but still showing a decline in manufacturing. The Services PMI fell to 49.4, indicating a contraction in services, and the Composite PMI dropped to 47.3, highlighting ongoing economic challenges. Similarly, the Eurozone Flash Manufacturing PMI is at 45.2, showing that the manufacturing sector continues to shrink.
Technical Analysis
The pair is currently trading below the 34- and 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: If the price stays below 0.8300, it will confirm an intraday bearish trend. A drop to 0.8260/0.8235 or 0.8200 is likely.
Near-Term Resistance: Current resistance is around 0.8380. If it breaks above, we could see movement toward 0.845/0.8500. The bearish outlook would be invalidated only if the price goes above 0.8500.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Trading Recommendation
It may be wise to sell on rallies around 0.8348-50, with a stop loss set at 0.8380 and a target price of 0.8235.
