FxWirePro: EUR/GBP extends gains above 200-DMA amid vaccine optimism, on track to test daily cloud

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.43% higher on the day at 0.9025 at around 10:55 GMT, slightly lower from session highs at 0.9045.

The pair has bounced off 'Wedge Base' support and has extended retrace above 200-DMA.

The single currency posted impressive gains across the board amid vaccine optimism as the UK approved the Pfizer/BioNTech vaccine.

On the data front, Euro area seasonally-adjusted Unemployment Rate ticked down to 8.4% in October from 8.5% in September.

The Euro is seen extending gains days before the European Central Bank's Dec. 10 meeting, where policymakers are expected to announce additional monetary easing measures. 

EUR/GBP is on track for further gains as oscillators have turned bullish. Stochs and RSI are biased higher, while RSI has edged above 50 mark.

The pair is on track to test daily cloud resistance at 0.9078. Breakout above cloud will take the pair higher to test Wedge Top at 0.92.

Major trend is still bearish. Failure to hold above 200-DMA will negate any further upside.