11 Apr 2014
EUR/GBP is on the way back to 0.83
FXStreet (Moscow) - EUR/GBP refreshed 1-week high at 0.8285 in the morning, but edged slightly lower by the moment.
Living without catalysts
Although the pair managed to recover all the losses it suffered on Tuesday, the further move higher may be not an easy task. The resistance area 0.8270 may be a serious barrier for the short-term, especially since German CPI showed unchanged readings leaving the euro without any new catalysts. Inflationary pressure keeps slowing in the region, which is proved by the data from France, Netherlands and Greece released yesterday. Thus, the rebound from current levels is not ruled out with initial target at 0.8264 support level followed by 0.8248.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8264 with support below at 0.8248, 0.8222 and 0.8206, with resistance above at 0.8290, 0.8306, and 0.8332. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8267 and the daily 20EMA bearish at 0.8287. Hourly RSI is bullish at 74.
Living without catalysts
Although the pair managed to recover all the losses it suffered on Tuesday, the further move higher may be not an easy task. The resistance area 0.8270 may be a serious barrier for the short-term, especially since German CPI showed unchanged readings leaving the euro without any new catalysts. Inflationary pressure keeps slowing in the region, which is proved by the data from France, Netherlands and Greece released yesterday. Thus, the rebound from current levels is not ruled out with initial target at 0.8264 support level followed by 0.8248.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8264 with support below at 0.8248, 0.8222 and 0.8206, with resistance above at 0.8290, 0.8306, and 0.8332. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8267 and the daily 20EMA bearish at 0.8287. Hourly RSI is bullish at 74.