FxWirePro: EUR/GBP grinds higher for the 2nd straight session, break above 200-DMA to support further bullishness

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.55% higher on the day at 0.8779 at around 11:00 GMT.

Price action has shown a break above 200-DMA raising scope for further upside.

The shared currency buoyed after German April ZEW Economic Sentiment surprises on the positive side.

Data released earlier today showed German ZEW headline Economic Sentiment Index came in at 28.2 versus -42.3 expectations and -49.5 last.

While the sub-index Current Conditions figure arrived at -91.5 in April versus -77.5 expected and -43.1 booked previously.

Meanwhile, the Eurozone ZEW economic sentiment for April stood at 25.2- vs. -49.5 last.

On the other side, mixed UK employment details did little to provide support to the pound.

UK’s official jobless rate rose to 4.0% in February from 3.9% in the previous month. The claimant count rate steadied at 3.5%, a much smaller-than-expected increase.

The number of people claiming jobless benefits rose by 12.2K in March, against expectations of a +172.5K and +5.9K (revised up from +17.3K) seen previously. 

Technical indicators are turning bullish. Stochastics RSI is on verge of rollover from oversold levels.

The pair has held cloud support and close above 200-DMA will confirm further upside. Next major hurdle lies at Upper BB at 0.9045. Failure to hold above 200-DMA will negate any bullish bias.