FxWirePro: Euro sold-off ahead of German Ifo, Juncker-Trump trade talks, EUR/GPB extends weakness below 5-DMA

• EUR/GPB extends retreat from 4-month highs at 0.8957 hit on July 20th trade, slips for 4th straight session.
   
• The single currency sold-off ahead of German  Ifo and all-important trade talks between the European Union (EU) President Juncker and the US President Trump.
   
• While Trump called for a free trade deal with the EU late-Tuesday, EU urges for Trump to suspend tariffs in order to get a trade deal.
   
• ECB policy decision due tomorrow is another major risk, with markets expecting a long period of inaction from the central bank.
   
• Markets also brace for further downside as German Ifo surveys are likely to disappoint.
   
• Momentum oscillators have rolled over from overbought levels and biased lower.
   
• Next immediate bear target lies at 21-EMA at 0.8864. Break below will see further weakness.

Support levels - 0.8864 (21-EMA), 0.8818 (200-DMA), 0.88

Resistance levels - 0.89, 0.8912 (5-DMA), 0.8963 (38.2% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -52.3979 (Neutral), while Hourly GBP Spot Index was at 107.14 (Bullish) at 0630 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.