FxWirePro: EUR/GBP breaks above 100-DMA but struggles at daily cloud, bias higher, stay long

• EUR/GBP is trading a narrow range in the Asian session, upside bias intact.
   
• Upside is struggling at daily Ichi cloud, breakout could see resumption of upside.
   
• The pair is extending upside after breaking stiff resistance by 0.8512 (trendline) and 50-DMA at 0.8557.
   
• Technicals support upside in the pair, RSI and Stochs are biased higher. We see weakness only on close below 200-DMA at 0.8489.
   
• Developments around the French election will be in focus for fresh impetus on the Euro.
   
• Focus also on eurozone consumer price inflation and producer prices data. 

Support levels - 0.8557 (50-DMA), 0.8534 (5-DMA), 0.8490 (trendline resistance turned support and 200-DMA), 0.8461 (Feb 27 low)

Resistance levels - 0.8578 (cloud top), 0.8610 (100-DMA), 0.8634 (Jan 31 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Neutral               Neutral       
1D          Neutral               Neutral        
1W         Neutral               Neutral  

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-GPB-on-track-to-test-50-DMA-at-08547-good-to-long-dips-559659) has hit TP1&2. 

Recommendation: Bias higher. Book partial profits, hold for upside. Bullish invalidation only on close below 200-DMA at 0.8490.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 10.8696(Neutral), while Hourly GBP Spot Index was at -71.0475 (Bearish) at 0650 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.