FxWirePro: EUR/GBP price action holds above daily cloud, on track to test 20-DMA at 0.8513
12 September 2016, 08:17
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- EUR/GBP trades a narrow range in the Asian session, finds strong support at
0.8440 (converged 5&10 DMA).
- Violation there could see next major support by cloud top at
0.8431.
- EUR/GBP has bounced off from major trendline support on Sept 6th
trade.
- We have evidenced formation of successive spinning top and Doji on daily
charts at lows which shows fading downside momentum.
- 20-DMA at 0.8513 in sight on the upside. Break above will confirm near-term
uptrend. Pair could then see test of 0.8691 (Aug 19 high).
- Our previous call
(http://www.econotimes.com/FxWirePro-EUR-GBP-upside-capped-by-5-DMA-at-08392-long-break-above-274335)
is progressing.
- Recommend holding for targets. Weakness only below 0.8440.
