Indicators on intraday charts have turned . We see scope for test of 200-DMA at 0.8846.
Violation at 200-DMA will take the pair higher. While on the downside, break below at 0.8785 will see resumption of downside.
Markets focus on EZ GDP, German CPI data due later today for further impetus.
Analysts are forecasting 0.6% EU GDP growth over the previous quarter and a 2.6% increase over the same period last year.
Consensus forecast for German CPI calls for a 1.6% increase over the previous annual period.
Support levels - 0.88, 0.8772 (5-DMA), 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally)
Resistance levels - 0.8814 (21-EMA), 0.8826 ( 20-DMA ), 0.8846 ( 200-DMA )
Good to go long on breakout above 21-EMA, SL: 0.8770, TP: 0.8845/ 0.89/ 0.8920