ECB tremors continue, EUR extends fall into European session after having steadied slightly in Asian trade.
- Daily cloud base which is just below at 0.7175 is the short target, 0.7195 (Sept 22 low) is a minor hurdle before that
- Prices have almost retraced all of the Sept/Oct rise, Slow stochs continue to head south but are in oversold territory, so caution advised
- EUR/GBP is currently trading at 0.7218, with immediate resistance at 0.7252 (200 DMA) ahead of 0.7262 (Daily Cloud Top)
- On the downside support is located at 0.7197 (Sept 22 low) and further below at 0.7175 (Daily Cloud Base)
Recommendation: Good to sell rallies around 0.7220, SL: 0.7255, TP: 0.7180
Resistance Levels:
R1: 0.7252 (200 DMA)
R2: 0.7262 (Daily Cloud Top)
R3: 0.7344 (10 DMA)
Support Levels:
S1: 0.7195 (Sept 22 low)
S2: 0.7175 (Daily Cloud Base)
S3: 0.7152 (Daily Low Aug 21)
