20 Jan 2015
EUR/GBP in multi-year lows near 0.7650
FXStreet (Edinburgh) - EUR/GBP intensifies its slide on Tuesday, now testing the mid-0.7600s following the solid performance from the sterling.
EUR/GBP eyes on data, ECB
The offered tone is accelerating around the European cross in the first half of the week, hovering over the 0.7660/50 region, levels last traded in March 2008. The ZEW Survey is the immediate test for the cross, followed by the BoE minutes and the jobs report in the UK economy due tomorrow. However, the main event remains by far the ECB gathering on Thursday, with increasing chances that the central bank could announce the adoption of quantitative easing, thus adding further downside pressure to EUR/GBP.
EUR/GBP relevant levels
At the moment the cross is losing 0.35% at 0.7653 and a breach below 0.7633 (61.8% of 0.7596-0.7693) would open the door to 0.7596 (low Mar.10 2008) and then 0.7535 (low Feb.27 2008). On the upside, the first up barrier aligns at 0.7703 (38.2% of 0.7875-0.7596) followed by 0.7741 (10-d MA) and finally 0.7747 (high Jan.15).
EUR/GBP eyes on data, ECB
The offered tone is accelerating around the European cross in the first half of the week, hovering over the 0.7660/50 region, levels last traded in March 2008. The ZEW Survey is the immediate test for the cross, followed by the BoE minutes and the jobs report in the UK economy due tomorrow. However, the main event remains by far the ECB gathering on Thursday, with increasing chances that the central bank could announce the adoption of quantitative easing, thus adding further downside pressure to EUR/GBP.
EUR/GBP relevant levels
At the moment the cross is losing 0.35% at 0.7653 and a breach below 0.7633 (61.8% of 0.7596-0.7693) would open the door to 0.7596 (low Mar.10 2008) and then 0.7535 (low Feb.27 2008). On the upside, the first up barrier aligns at 0.7703 (38.2% of 0.7875-0.7596) followed by 0.7741 (10-d MA) and finally 0.7747 (high Jan.15).