EUR/GBP backs-off 0.7382 resistance, Short for 0.73
EUR/GBP has bounced back from strong trendline resistance at 0.7382 in Monday's trade, Techs point further downside.
5, 10 & 20 DMAs trend north, Stochs on 4-hourly charts has rolled-over from overbought zone with a bearish crossover.
Demand for Euro hit as higher Asian equities and modest recovery in the commodities space keep the market sentiment lifted.
No major economic drivers ahead until the NY session, markets will track the sentiment across global equities for cues.
5-DMA at 0.7358 is immediate support on the downside ahead of 0.7314 (23.6 % Fib of 0.6981-0.7416 rise).
While immediate resistance is seen at 0.7380 (Session high Dec 28) and then at 0.7385 (rising trendline).
We would sell rallies around 0.7370, SL: 0.7420, TP1: 0.73, TP2: 0.7280
5, 10 & 20 DMAs trend north, Stochs on 4-hourly charts has rolled-over from overbought zone with a bearish crossover.
Demand for Euro hit as higher Asian equities and modest recovery in the commodities space keep the market sentiment lifted.
No major economic drivers ahead until the NY session, markets will track the sentiment across global equities for cues.
5-DMA at 0.7358 is immediate support on the downside ahead of 0.7314 (23.6 % Fib of 0.6981-0.7416 rise).
While immediate resistance is seen at 0.7380 (Session high Dec 28) and then at 0.7385 (rising trendline).
We would sell rallies around 0.7370, SL: 0.7420, TP1: 0.73, TP2: 0.7280
