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EUR/GBP short setup : FxWirePro | April 9, 2018

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EUR/GBP -0.06% is extending grind below 5-DMA, intraday bias bearish .

Dismal Eurozone Sentix figures weigh further on the EUR, dragging the pair lower.

The Eurozone Sentix Investor Confidence came out at 19.6 points, missing expectations at 20.8.

Technical indicators are also supporting further downside in the pair.

RSI and Stochs are biased lower and we see -ve DMI dominance.

Next bear target lies at channel base at 0.8675. Violation there could see further weakness.

On the flipside, 20-DMA at 0.8763 strong resistance. Breakout at 50-DMA invalidates bearish bias.

Support levels - 0.8682 (61.8% Fib), 0.8675 (channel base), 0.86

Resistance levels - 0.8720 (5-DMA), 0.8763 (20-DMA), 0.88 (50% Fib)

Good to go short on rallies around 0.8710/20, SL: 0.8765, TP: 0.8675/ 0.86

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