7 Feb 2014
EUR/GBP is moving back to 0.83
FXStreet (Moscow) - EUR/GBP is receding from recent highs during the early trades, reaching 0.8314 at the moment.
EUR/GBP couldn’t help rising
Reaching the overnight high at 0.8349, the euro retraced lowed coming back to 0.8314 at the moment. The pair did what is had to do, as Draghi was not dovish at all. The comparison of the January statement with the last one shows more optimistic outlook for the economy, and it looks like deflation risks diminished. The words of the ECB chairman on deflation were really surprising – he thinks the inflation expectations remain anchored and they "don't see much of a similarity with what happened in Japan". Today the pair may resume the rise, though UK Industrial production data may become a barrier on the way higher. If the numbers come above expectations, the pair reverses the direction. To the downside the support comes at 0.8286 and followed by 0.8247. The upside is limited 0.8391 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8319 with support below at 0.8286, 0.8247 and 0.8214, with resistance above at 0.8358, 0.8391, and 0.8430. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8262 and the daily 20EMA bullish at 0.8276. Hourly RSI is neutral at 54.
EUR/GBP couldn’t help rising
Reaching the overnight high at 0.8349, the euro retraced lowed coming back to 0.8314 at the moment. The pair did what is had to do, as Draghi was not dovish at all. The comparison of the January statement with the last one shows more optimistic outlook for the economy, and it looks like deflation risks diminished. The words of the ECB chairman on deflation were really surprising – he thinks the inflation expectations remain anchored and they "don't see much of a similarity with what happened in Japan". Today the pair may resume the rise, though UK Industrial production data may become a barrier on the way higher. If the numbers come above expectations, the pair reverses the direction. To the downside the support comes at 0.8286 and followed by 0.8247. The upside is limited 0.8391 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8319 with support below at 0.8286, 0.8247 and 0.8214, with resistance above at 0.8358, 0.8391, and 0.8430. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8262 and the daily 20EMA bullish at 0.8276. Hourly RSI is neutral at 54.