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Short

Successive Dojis raises scope for EUR/GBP downside

FX:EURGBP   Euro Fx/British Pound
154 0 2
EUR/GBP             has bounced back from strong trendline resistance at 0.7408 in Tuesday's trade, successive Dojis at highs raises scope for downside.

Despite recent consolidation, 0.7342 rising 10 DMA has held, close below would target pivotal rising 0.7289 20 DMA.

Momentum studies are neutral, 5-DMA at 0.7363 is immediate support on the downside ahead of 0.7314 (23.6 % Fib of 0.6981-0.7416 rise).

Immediate resistance is seen at 0.7381 ( Dec             28 high) and then at 0.7388 (rising trendline ).

Long-term bias is higher - trend targets 0.7494 October high, buying dips remains favored for long-term, but for a trading purpose it is good to sell rallies.

Hold short trade TP1: 0.7320, TP2: 0.73

Resistance Levels:

R1: 0.7381 ( Dec             28 high)

R2: 0.7388 (rising trendline )

R3: 0.7408 (Daily High Dec             29)

Support Levels:

S1: 0.7363 (5-DMA)

S2: 0.7342 (10 DMA)

S3: 0.7318 (Daily Low Dec             24)
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