FxWirePro: EUR/GBP Range-Bound, Focus on UK Construction PMI and Eurozone Sentix Index Data
- EUR/GBP retreats from 0.8400 ahead of UK Construction PMI and Eurozone Sentix Index data.
- The pair is trading an extremely range as we head into the European open. Bid tone around the sterling firming as we write weighing on EUR/GBP.
- The pair is trading at 0.8380 levels after briefly testing levels last seen in December 2013 above the 0.8400 handle.
- Techs on weekly charts are heavily bullish, Stoch RSI and MACD show scope for further upside.
- Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-finds-major-resistance-at-08330-levels-break-above-to-target-084-227771) has hit target1.
- Immediate support is seen at 50-DMA by 0.8338 and resistance is located at 0.84.
- Break below 0.8202 (June 29th low) could see downside upto 0.7984 (20-DMA). On the flip side a decisive break above 0.84 could see test of 0.8467 (Dec 17th 2013).
We recommend holding for upside. Break below 0.8202 invalidates bullish bias