EUR/GBP upside remains capped by 5-DMA at 0.7596, pair trades a tight range on the day, 0.7593/64 day's range till now.
- Techs point lower, 5&10 DMA show a bearish crossover, MACD and Stochs are also biased lower.
- Solid recovery in oil prices lifts the sentiment and diminishes the bids for the euro, markets are expecting OPEC and non-OPEC producers to reach a deal to reduce output amid one of the biggest supply gluts in decades.
- Immediate resistance is seen at 0.7596 (5-DMA), while support on the downside is located at 0.7550 (Jan 26 lows).
Recommendation: Good to sell rallies around 0.7590, SL: 0.07620, TP: 0.7525
Resistance Levels:
R1: 0.7596 (5-DMA)
R2: 0.7618 (Jan 25th highs)
R3: 0.7619 (10-DMA)
Support Levels:
S1: 0.7553 (Jan 25th lows)
S2: 0.7550 (Jan 26th lows)
S3: 0.7525 (Jan 22nd lows)
