15 Apr 2014
EUR/GBP may retreat after 0.8270 testing
FXStreet (Moscow) - EUR/GBP moved higher testing 0.8270 resistance at the moment from 0.8260 at the open.
Balancing between the data
The pair retreated from the recent highs, but didn’t even reach 0.8250 support area before we saw another move up. The rebound may gain the momentum if the EMU data come out above expectations, and the British CPI disappoints. However, the chances of such scenario are pretty slim, as we already seen some negative developments in German economy due to appreciating single currency. Export oriented nature of the largest European economy makes it sensitive to strong euro, and the scheduled for released ZEW data may reflect the growing fears in business sector. If so, the nearest resistance around 0.8280 area may become the spring board, to dive lower again with initial target at 0.8247 support followed by 0.8233.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8247, 0.8233 and 0.8214, with resistance above at 0.8280, 0.8299, and 0.8313. Hourly Moving Averages are mixed, with the 200SMA at 0.8266 and the daily 20EMA bearish at 0.8285. Hourly RSI is bearish at 47.
Balancing between the data
The pair retreated from the recent highs, but didn’t even reach 0.8250 support area before we saw another move up. The rebound may gain the momentum if the EMU data come out above expectations, and the British CPI disappoints. However, the chances of such scenario are pretty slim, as we already seen some negative developments in German economy due to appreciating single currency. Export oriented nature of the largest European economy makes it sensitive to strong euro, and the scheduled for released ZEW data may reflect the growing fears in business sector. If so, the nearest resistance around 0.8280 area may become the spring board, to dive lower again with initial target at 0.8247 support followed by 0.8233.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8247, 0.8233 and 0.8214, with resistance above at 0.8280, 0.8299, and 0.8313. Hourly Moving Averages are mixed, with the 200SMA at 0.8266 and the daily 20EMA bearish at 0.8285. Hourly RSI is bearish at 47.