- EUR/GBP edges lower after upside failed to break above 61.8% Fib of 0.9225 to 0.8297 fall.
- Technical indicators on daily charts have turned bearish, RSI and Stochs have rolled over from near overbought levels.
- The pair is currently holding strong support at 0.8718 (20-DMA), break below will see further drag.
- Bias on weekly charts remains positive, we see weakness if the pair manages to close below weekly 5-DMA also at 0.8718 levels.
Support levels - 0.8718 (20-DMA and weekly 5-SMA), 0.8651 (38.2%), 0.8612 (200-DMA)
Resistance levels - 0.8761 (50% Fib), 0.8781 (5-DMA), 0.88, 0.8870 (61.8% Fib)
Recommendation: Good to go short on break below 20-DMA at 0.8718, SL: 0.8785, TP: 0.8650/ 0.8615/ 0.86
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -49.8842 (Neutral), while Hourly GBP Spot Index was at 46.5206 (Neutral) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
