- EUR/GBP bounces of 20-DMA at 0.8454 on Tuesday's trade.
- The pair is extending downside after rejection at major trendline at 0.8664.
- Break below 20-DMA could accentuate bearish bias.
- Technical studies support downside.
- Major support levels - 0.8452(20-DMA), 0.8432 (Dec 22 low), 0.8333 (Sept 6 low), 0.83 (major trendline)
- Major resistance levels - 0.85, 0.8515 (5-DMA), 0.8521 (23.6% Fib)
Recommendation: Good to short break below 20-DMA at 0.8452, SL: 0.8515, TP: 0.84/ 0.8330/ 0.83
FxWirePro Currency Strenght Index: FxWirePro's Hourly EUR Spot Index was at -71.5822(Bearish), while Hourly GBP Spot Index was at -5.52123 (Neutral) at 0740 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
