EUR/GBP: Trade ideas for August 08
The EURGBP fell substantially during yesterday's session, because the Euro reacted negatively to the statements of the ECB's presidente, Mario Draghi, regarding the current economy situation in the Eurozone. However, the EURGBP made a rebound on the support level of 0.7924 (78.6 Fibo level).
If the pair manages to make a breakout on the resistance level of 0.7940, the next target would be the resistance level of 0.7955 in the short term. The 500 EMA is making bearish pressure on EURGBP, which could hinder the development of the bullish trend in this pair for today's session. The CCI indicator is approaching the 100 level.
Trading recommendations: Put buy orders in the EURGBP only when this pair makes a breakout at the resistance level of 0.7955, with take profit at 0.7983.