FxWirePro: EUR/GBP Holds Above Daily Cloud After Gap up Open, Good to Go Long With a Target 0.7925

FxWirePro: EUR/GBP Holds Above Daily Cloud After Gap up Open, Good to Go Long With a Target 0.7925

2 May 2016, 10:00
Roberto Jacobs
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FxWirePro: EUR/GBP Holds Above Daily Cloud After Gap up Open, Good to Go Long With a Target 0.7925

  • EUR/GBP has broken range trade along trendline support. Price action has edged above the daily cloud. 
  • The pair opened with a gap-up after surging past 0.7800 handle on Friday and is holding above 5&10 DMAs. Techs indicate further upside. 
  • Stochs show a bullish rollover from oversold territory, RSI has bounced off from near 30 levels and is at 47 with further room to run. MACD line is on the verge of a bullish crossover on signal line.  
  • Downside sees strong support at 0.7800 mark, which has now been decisively conquered and would be difficult to break through. 
  • Immediate resistance is found at 0.7875 levels, breaks above opens room for a test of 0.7920-25 resistance.

Recommendation: Good to go long on dips around 0.7830/35, SL: 0.7790, TP: 0.7875/0.79/0.7925 

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