EUR/GBP chart on Trading View used for analysis
- EUR/GBP is trading rangebound on the day at 0.8685 at 0510 GMT.
- The pair is consolidating previous session's slump. Bias still bearish.
- Traders await Eurozone flash consumer confidence index data for further impetus.
- Technical analysis supports further downside. Momentum with the bears.
- Immediate support lies at lower Bollinger band at 0.8645. Scope for test of major trendline support at 0.8620.
- On the flipside, strong resistance lies at 0.8645 (20-DMA), bearish invalidation only on break above.
Support levels - 0.8645 (Lower BB), 0.8620 (Apr 17 low)
Resistance levels - 0.87, 0.8739 (5-DMA), 0.8745 (20-DMA)
Recommendation: Good to stay short on rallies, SL: 0.8750, TP: 0.8645/ 0.8620
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
