FxWirePro: EUR/GBP holds 20-DMA support at 0.8863, weakness only on break below

• EUR/GBP trades 0.23% higher on the day, edges above 5-DMA at 0.8881.
   
• The pair holds 20-DMA supports at 0.8863, we see weakness only on break below.
   
• Technical studies do not provide a clear directional bias, 1H 200-SMA is major resistance at 0.8907.
   
• Breakout above 1H 200-SMA could see extension of upside, scope then for test of 100-DMA at 0.8954.
   
• On the downside, break below 20-DMA could see retrace till 0.8730 (major trendline support.

Support levels - 0.8881 (5-DMA), 0.8864 (20-DMA), 0.8811 (Nov 10 low)

Resistance levels - 0.8920 (38.2% Fib), 0.8954 (100-DMA), 0.90 (trendline)

Recommendation: Wait for clear directional bias.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -24.0005 (Neutral), while Hourly GBP Spot Index was at -106.748 (Bearish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest