FxWirePro: EUR/GPB on track to test 50-DMA at 0.8547, good to long dips

• EUR/GBP extends gains for a second consecutive session, breaks above 200-DMA at 0.8475.
   
• GBP markets reacted negatively to calls by UK PM for independence Scottish referendum.
   
• On the other side, the euro remains buoyed amid risk-off. Focus now on the developments surrounding the French election and Spanish inflation figures due later in Europe for fresh impetus on the Euro.
   
• The pair is struggling at stiff resistance by 0.8518 (trendline and 20-DMA). Break above finds next resistance at 0.8547 (50-DMA).
   
• Technicals support upside in the pair, RSI is biased higher and Stochs have rolled over from oversold levels.
   
• We see weakness only on close below 200-DMA at 0.8475.

Support levels - 0.8475 (200-DMA), 0.8460 (5-DMA), 0.84 (Feb 22 low)

Resistance levels - 0.8518 (trendline and 20-DMA), 0.8547 (50-DMA), 0.8592 (Feb 17 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                Neutral       
4H          Bullish                Neutral       
1D          Neutral                Neutral        
1W         Neutral                Neutral  

Recommendation: Good to go long on dips around 0.85, SL: 0.8460, TP: 0.8550/ 0.8590/ 0.86

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -12.2548(Neutral), while Hourly GBP Spot Index was at -53.9968 (Bearish) at 0650 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.