FxWirePro: EUR/GBP Trade Idea

EUR/GBP chart on Trading View used for analysis

FxWirePro Currency Strength Index for EUR/GBP: Bias Bullish
FxWirePro's Hourly EUR Spot Index was at 90.561 (Bullish)
FxWirePro's Hourly GBP Spot Index was at -95.3393 (Bearish)

Technical Analysis: Bias Bullish
- EUR/GBP has shown a break above strong trendline resistance at 0.89
- The pair struggles at daily cloud, break above to see further upside
- RSI is above 50 and MACD is showing a bullish crossover on signal line.
- We evidence a bullish divergence on RSI and Stochs which raises scope for further gains.

Support levels - 0.8877 (50% Fib), 0.8856 (5-DMA), 0.8833 (200-DMA)
Resistance levels - 0.8929 (61.8% Fib), 0.8939 (Oct 30 high), 0.90 (78.6% Fib)

Recommendation: Stay long on break above daily cloud, SL: 0.8870, TP: 0.8930/ 0.90

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.