FxWirePro: EUR/GBP upside lacks traction, finds stiff resistance at 0.8780

EUR/GBP chart on Trading View used for analysis

• EUR/GBP is trading 0.07% higher on the day at 0.8756 at 0710 GMT.
   
• The pair is struggling to extend upside, finds stiff resistance at 0.8770 to 0.8780 zone.
   
• Price action is below cloud and major moving averages. Technical studies are turning slightly bearish.
   
• 5-DMA has shown a turn Southwards and Stochs are showing a rollover from near oversold levels.
   
• Focus now on the ZEW Economic Sentiment for Germany and eurozone scheduled to be published later today.
   
• Analysts expect the index for the eurozone to improve to -18.2 in February from -20.9 in January. 
   
• A miss on expectations is likely to weigh on the shared currency and downside in the pair could gather momentum.

Support levels - 0.8746 (20-DMA), 0.8723 (Oct 10 low), 0.8655 (Nov 13 low)

Resistance levels - 0.8770 (5-DMA), 0.8780 (21-EMA), 0.8829 (55-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.