FxWirePro- EURGBP Trade Idea

EURGBP  traded flat for the past week. It hit a high of 0.84474 and is currently trading around 0.843454.

The pair showed a minor decline after UK jobs data. UK ILO unemployment rate dropped to 4.1% in three months to July in line with the estimated 4.1%%. Prior 4.2%.

Claimant count change - 23.7K vs 95.5K expected

Technicals-

Intraday trend is neutral.

The pair is trading below 34- and above 55 EMA in the 4-hour chart.

The near-term resistance is around 0.84475, a breach above targets 0.84536 (23.6% fib)/0.84864. Any close above 0.84865 confirms intra-day trend reversal, a jump to 0.8540 is possible. The immediate support is at 0.8400, any violation below will drag the pair to 0.83830 (Jul 17th, 2024). Any close below 0.83830 confirms resumption of major downtrend, a dip to 0.8330/$0.82550 is possible.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bullish

Average directional movement Index - Neutral

It is good to stay away.