15 Jul 2014
EUR/GBP may have a two-stage move
FXStreet (Moscow) - EUR/GBP opened the day at 0.7969, and wiggled within 6-pip range in the morning showing some signs of rising at the moment.
Two catalysts
The pair will have several reasons for moves today. At first the market will focus on UK inflation data, and the next catalyst will be German ZEW readings. The odds are in favor of weaker British inflation, and stronger German numbers, however, there may be some surprises, given the heating UK housing market which may have a spill-over effect on the general price index. In this case the pair may slide down again with initial target at 0.7949 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7965, with support below at 0.7949, 0.7925 and 0.7909 with resistance above at 0.7989, 0.8005, and 0.8029. Hourly Moving Averages are mixed, with the 200SMA at 0.8260 and the daily 20EMA flat at 0.7981. Hourly RSI is bullish at 63.
Two catalysts
The pair will have several reasons for moves today. At first the market will focus on UK inflation data, and the next catalyst will be German ZEW readings. The odds are in favor of weaker British inflation, and stronger German numbers, however, there may be some surprises, given the heating UK housing market which may have a spill-over effect on the general price index. In this case the pair may slide down again with initial target at 0.7949 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7965, with support below at 0.7949, 0.7925 and 0.7909 with resistance above at 0.7989, 0.8005, and 0.8029. Hourly Moving Averages are mixed, with the 200SMA at 0.8260 and the daily 20EMA flat at 0.7981. Hourly RSI is bullish at 63.