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Short

'Shooting Star' formed at highs, EUR/GBP could test 0.77 levels

FX:EURGBP   Euro Fx/British Pound
243 0 9
EUR/GBP             saw a gap up open on Monday, but was unable to extend gains beyond the 0.79 handle.

0.7906 is stiff resistance which is 61.8% Fib retrace of 0.8117 ( Apr             7th high) to 0.7565 (May 25th low).

EUR/GBP             plunged almost 90-pips in a knee-jerk slump, a wrong big figure entered on an order speculated as the main catalyst behind the move.

The pair has recovered some of the downside, but still remains below 100-DMA at 0.7799.

A 'shooting star' pattern has been formed. A pattern resembling "Evening Start seen", close below 100-DMA could accentuate downside.

Downside finds next major support at 0.7720, and then at 0.7693 (61.8% Fib of 0.7565 to 0.79 rally).

Resistance on the upside aligns at 0.7823 (23.6% Fib), 0.7864 (session highs) and then 0.7876 (cloud base).

Good to go short on close below 0.78, SL: 0.79, TP: 0.7775/ 0.7720/ 0.77/ 0.7670
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