EUR/GBP breaks below 10 DMA, test of 0.7041 likely

FX:EURGBP   Euro / British Pound
235 0 4
EUR/GBP             was rejected at cloud base by 0.7196 on Friday. The pair has retraced from 0.7196 levels, was modestly bid in Asia, 0.7126 - 0.7146 range and is currently trading at 0.7141

Techs continue to suggest further downside for now, cloud base/100 DMA will stem further rises, pair has broken below 10 DMA at 0.7141, test of 0.7041 (Nov 5th lows) likely

The pair has immediate resistance at 0.7196 (Daily Cloud Base) and support on the downside at 0.7108 (Daily Low Nov 8)

Recommendation: Good to sell rallies around 0.7140/50, SL: 0.72, TP: 0.7045

Resistance Levels:

R1: 0.7196 (Daily Cloud Base)

R2: 0.7199 (Daily High Oct 30)

R3: 0.7205 (100 DMA)

Support Levels:

S1: 0.7108 (Daily Low Nov 8)

S2: 0.7043 (11 Wk Low Nov 5)

S3: 0.7027 (Daily Low Aug 18)
Trade closed: target reached
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