FxWirePro: Minor support for EUR/GBP at 0.7717 (10-DMA), breaks below could see 0.7630
EUR/GBP is extending downside after rejection at channel top resistance on Feb 11th trade. Downside for now is seeing minor support by 10-DMA at 0.7717, breaks below could see the pair test channel base currently at 0.76…
EUR/GBP is extending downside after rejection at channel top resistance on Feb 11th trade.
Downside for now is seeing minor support by 10-DMA at 0.7717, breaks below could see the pair test channel base currently at 0.7630.
The following indicators support our argument for downside in the pair:
- RSI is retracing after hitting near 70 levels and points south
- Stochastics on daily charts have crossed over from overbought territory with a bearish crossover
- MACD line is showing a bearish crossover on the signal line and the histogram has dipped into negative zone
5-DMA at 0.7774 and 10-DMA at 0.7717 are immediate resistance and support levels for the pair.
Recommendation: Good to sell rallies in the pair around 0.7730, SL: 0.78, TP: 0.7660/0.7630
