Sell at the top - 200-Day SMA Resistance

The messages of relaxation given by both the BoE and ECB within a few days led to depreciation in both EUR and GBP. However, the downward trend in the Eurozone's inflation data provided some relief for EUR, albeit to a slight extent. Nevertheless, this relief is not potent enough to change the overall downward trend in EUR.

From a fundamental data perspective, in two currencies considered to be close to each other, the 21-period RSI on the H4 chart is technically producing an overbought signal. On the D1 chart, the price is also near the overbought zone. Moreover, with some further increase due to data, we may see a technical downward movement in the price after approaching the 200-day moving average.

Wait for the price to rise to the 200-day SMA level. You can already place a pending sell order.

Sell Limit: 0.8708
Stop Loss: 0.8740
Take Profit: 0.8665