11 Nov 2013
EUR/GBP lethargic ahead of a light calendar day
FXstreet.com (Athens) – The EUR/GBP did little in Asian trading session ahead of a partial US bank holiday day.
EUR/GBP amidst a congestion area of 0.8340 – 0.8344; still close to Thursday’s lows of 0.8300
The EUR/GBP has been trading amidst a very tight trading range in the Asian trading session ahead of a very light calendar data day, due to the partial holidays in US but also to the bank holidays in many Euro land countries. What’s more, ECB’s Coeure mentioned on the weekend through the news media what ECB’s President Mario Draghi also reiterated on Thursday, i.e. “The ECB is still holding out the possibility for further easing if needed, in total contrast with the US which now especially after the solid NFP, is on solid track to start the notorious tapering ‘sooner’ than ‘later.’
Technical Perspectives on the EUR/GBP
The cross should overcome the first barrier of 0.8391 (100-Hourly MA), to move higher to the 6th November high of 0.8416. As a matter of fact, the daily momentum bias remain bearish indicating that the 0.8288 (50% Fibonacci of the 0.7716-0.8815), might be an easily achieved target in the upcoming sessions.
EUR/GBP amidst a congestion area of 0.8340 – 0.8344; still close to Thursday’s lows of 0.8300
The EUR/GBP has been trading amidst a very tight trading range in the Asian trading session ahead of a very light calendar data day, due to the partial holidays in US but also to the bank holidays in many Euro land countries. What’s more, ECB’s Coeure mentioned on the weekend through the news media what ECB’s President Mario Draghi also reiterated on Thursday, i.e. “The ECB is still holding out the possibility for further easing if needed, in total contrast with the US which now especially after the solid NFP, is on solid track to start the notorious tapering ‘sooner’ than ‘later.’
Technical Perspectives on the EUR/GBP
The cross should overcome the first barrier of 0.8391 (100-Hourly MA), to move higher to the 6th November high of 0.8416. As a matter of fact, the daily momentum bias remain bearish indicating that the 0.8288 (50% Fibonacci of the 0.7716-0.8815), might be an easily achieved target in the upcoming sessions.