- 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.
