24 Apr 2014
EUR/GBP retraces back to 0.8230 area
FXStreet (Moscow) - EUR/GBP retraced from yesterday’s highs descending from 0.8231 at the open to 0.8225 by the moment.
Hard tests
The pair showed an impressive 50-pip move up on the back of arguably positive EMU data. Today it will have another test upon the German IFO release, and even harder one on Draghi’s speech. And even if these factors prove to be positive for the euro, the sharp reversal of the pound is not ruled out given the popularity of the British currency among traders. The downside is limited by 0.8206 for today, and the initial target to the upside is at 0.8253 resistance.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8227, with support below at 0.8206, 0.8180 and 0.8159, with resistance above 0.8253, 0.8274, and 0.8300. Hourly Moving Averages are mixed, with the 200SMA at 0.8236 and the daily 20EMA bearish at 0.8255. Hourly RSI is bullish at 56.
Hard tests
The pair showed an impressive 50-pip move up on the back of arguably positive EMU data. Today it will have another test upon the German IFO release, and even harder one on Draghi’s speech. And even if these factors prove to be positive for the euro, the sharp reversal of the pound is not ruled out given the popularity of the British currency among traders. The downside is limited by 0.8206 for today, and the initial target to the upside is at 0.8253 resistance.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8227, with support below at 0.8206, 0.8180 and 0.8159, with resistance above 0.8253, 0.8274, and 0.8300. Hourly Moving Averages are mixed, with the 200SMA at 0.8236 and the daily 20EMA bearish at 0.8255. Hourly RSI is bullish at 56.