FxWirePro- EURGBP Trade Idea

The pair has been consolidating between 0.83500 and 0.83904 for the past three days. Intraday bias remains bearish as long as resistance 0.8450 holds. It hit an intraday low of 0.83689 and is currently trading around 0.83710.

March 2025 Eurozone Flash PMI statistics report a mixed economic picture, as the Manufacturing PMI increased to 48.7, registering a modest relief from contraction, while the Services PMI dipped to 50.4, registering slower growth. The overall Composite PMI was at 50.5, registering an even but steady economic climate, as the Eurozone struggles with inflationary trends and market volatility

Technical Analysis

The pair is currently trading below the 34- and below 55-EMA on the 4-hour chart.

• Bearish Trend Confirmation: Any break below 0.8340 confirms an intraday bearish trend. A drop to  0.8320/0.8290/0.8220/0.8190 is likely.
   
• Near-Term Resistance: Current resistance is around 0.8450. Any violation above will push towards 0.8470/0.8500/0.8580. The bearish outlook would be invalidated only if the price goes above 0.8500.

Indicator Analysis (4-hour chart)

• CCI (50): Bearish
   
• Average Directional Movement Index: Neutral

Trading Recommendation

It is good to sell on rallies around 0.8400  with a stop loss around 0.8450 for a target price of 0.8300.