FxWirePro
Long

EUR/GBP pivotal at 200-DMA, long breakout, target 0.8880/ 0.8915

FX:EURGBP   Euro / British Pound
EUR/GBP is struggling at major resistance at 200-DMA (currently at 0.8818).
The pair has been rejected at 200-DMA resistance on several occasions and we see further upside only on decisive break above.
Price action is holding above daily cloud and 100-DMA. Momentum stuides also support upside.
Break above 200-DMA will see test of 38.2% Fib at 0.8882 ahead of major trendline resistance at 0.8915.
On the flipside, rejection at 200-DMA could see test of 100-DMA at 0.8785. Violation there could drag the pair lower to test major trendline support at 0.8735.
German unemployment and Eurozone CPI data will be in focus for further impetus.

Support levels - 0.88, 0.8795 (5-DMA), 0.8785 (100-DMA),
Resistance levels - 0.8818 (200-DMA), 0.8837 (June 7 high), 0.8882 (38.2% Fib)

Good to go long on decisive break above 200-DMA, SL: 0.8780, TP: 0.8835/ 0.8880
Comment: German Gfk consumer confidence remained solid in July and inflation largely inline with expectations.
EUR/GBP breaks above 200-DMA. Hits 3-month highs at 0.8861, bias higher.
Target 0.8880/ 0.89/ 0.8920

Comments

Any opinions on how the Euro summit today may influence price action? Opening remarks by Tusk and Junker are set for 18:00 UTC.

I may have to be sidelined from a potential range setup and/or breakout setup due to this uncertainty.
Reply
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