FxWirePro: EUR/GBP Finds Strong Trendline Support at 0.7945, Good to Buy Dips
18 April 2016, 10:50
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FxWirePro: EUR/GBP Finds Strong Trendline Support at 0.7945, Good to Buy Dips
- EUR/GBP holds above strong trendline support, momentum studies bullish.
- Upside in the pair has stalled ahead of the 0.80 handle. The pair has hit fresh session highs at 0.7993.
- Offered tone surrounding the pound keeps growing bigger as oil price slump curbed the risk appetite this Monday denting demand for GBP.
- Price action holds above daily cloud and 200-DMA and the pair finds strong support by 0.7945 (trendline on 4H charts).
- Immediate resistance on the upside is seen at 0.8005 (10-DMA) ahead of 0.8028 (April 12th highs).
Recommendation: Good to buy dips around 0.7965/75, SL: 0.7940, TP: 0.80/0.8025/0.8050
The material has been provided by InstaForex Company - www.instaforex.com
