FxWirePro: EUR/GBP capped at 200-DMA (0.8818), good to go long on break above

• EUR/GBP is struggling at major resistance at 200-DMA (currently at 0.8818).
   
• The pair has been rejected at 200-DMA resistance on several occasions and we see further upside only on decisive break above.
   
• Price action is holding above daily cloud and 100-DMA. Momentum studies also support upside.
   
• Break above 200-DMA will see test of 38.2% Fib at 0.8882 ahead of major trendline resistance at 0.8915.
   
• On the flipside, rejection at 200-DMA could see test of 100-DMA at 0.8785. Violation there could drag the pair lower to test major trendline support at 0.8735.
   
• German unemployment and Eurozone CPI data will be in focus for further impetus.

Support levels - 0.88, 0.8795 (5-DMA), 0.8785 (100-DMA)

Resistance levels - 0.8818 (200-DMA), 0.8837 (June 7 high), 0.8882 (38.2% Fib)

Recommendation: Good to go long on decisive break above 200-DMA, SL: 0.8780, TP: 0.8835/ 0.8880

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -32.9275 (Neutral), while Hourly GBP Spot Index was at 27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.