EUR/GBP short setup

FX:EURGBP   Euro / British Pound
EUR/GBP is extending grind below 5-DMA, intraday bias bearish .
Dismal Eurozone Sentix figures weigh further on the EUR, dragging the pair lower.
The Eurozone Sentix Investor Confidence came out at 19.6 points, missing expectations at 20.8.
Technical indicators are also supporting further downside in the pair.
RSI and Stochs are biased lower and we see -ve DMI dominance.
Next bear target lies at channel base at 0.8675. Violation there could see further weakness.
On the flipside, 20-DMA at 0.8763 strong resistance. Breakout at 50-DMA invalidates bearish bias.

Support levels - 0.8682 (61.8% Fib), 0.8675 (channel base), 0.86
Resistance levels - 0.8720 (5-DMA), 0.8763 ( 20-DMA ), 0.88 (50% Fib)

Good to go short on rallies around 0.8710/20, SL: 0.8765, TP: 0.8675/ 0.86
Comment: The pair rebounded sharply in previous session on Nowotny's hawkish comments.
ECB Governing Council member Ewald Nowotny, said that the European Central Bank will end asset buys this year.
The major reversed dip to 0.8692 level and closed above 0.87 handle at 0.8714.
Technical studies are biased lower. Price action edges lower in a falling channel pattern and we see scope for further weakness.

Next bear target lies at 61.8% Fibo at 0.8682 ahead of major trendline support at 0.8665.
On the flipside, 21-EMA at 0.8757 strong resistance. Breakout at 21-EMA cloud see some upside.
Comment: EUR/GBP saw a huge dive overnight as the Euro slumped across the board as ECB minutes and poor data weighed.
The ECB minutes showed members remain widely concerned over the risk of trade conflicts and the absence of sustainability in the inflation.
Further EZ Industrial Production rose less than expected in February. Export Price Index rose 0.3% MoM in March and Import Price Index came in flat.
Pair testing channel base support. Violation there could see further weakness.
TP1 hit. Book partial profits at lows.
Focus on German CPI data for further impetus.
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