- EUR/GBP is trading in a narrow range, with a day's high at 0.8877 and a low at 0.8864.
- The pair is holding break above 200-DMA which was major resistance at 0.8857.
- Price action has also edged above daily cloud which is now strong support at 0.8856 levels.
- The pair is trading in a symmetric triangle pattern and finds stiff resistance at 0.8910 (triangle top).
- Technical studies support upside in the pair. RSI and Stochs are biased higher with +ve DMI dominance.
- Breakout at 0.8910 could see upside till 0.90 levels. On the flipside, retrace below 0.8855 levels negates bullish bias.
Support levels - 0.8857 (converged cloud and 200-DMA), 0.8837 (5-DMA), 0.8716 (Feb 1 low)
Resistance levels - 0.89, 0.8910 (trendline), 0.8923 (38.2% Fib retrace of 0.9306 to 0.8686 fall)
Recommendation: Good to go long on breakout at 0.8910, SL: 0.8855, TP: 0.8930/ 0.8980/ 0.9015
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest
