9 Jan 2014
EUR/GBP paused before a rebound
FXstreet.com (Moscow) - EUR/GBP found support around 0.8250 area after losing more than 70 pips in a day on ECB meeting expectations.
Another choice of direction
Yesterday, the pair broke the tight range, as we expected, going all the way down to 1-year low at 0.8241. It looks like the move stalled ahead of rather strong support level having no more catalysts to go further, neither of technical, nor of fundamental nature. Nevertheless, the scheduled for today ECB meeting, and following Draghi press conference may help the pair to resume the slide, or to rebound. There are chances to see neutral stance of the regulator, what is actually EUR-positive, and may support the rally up to 0.8302 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8271 with support below at 0.8225 (S1), 0.8194 (S2) and 0.8148 (S3), with resistance above at 0.8302 (R1), 0.8348 (R2), and 0.8379 (R3). Hourly Moving Averages are largely bullish, with the 200SMA bearish at 0.8331 and the daily 20EMA bearish at 0.8338. Hourly RSI is neutral at 40.
Another choice of direction
Yesterday, the pair broke the tight range, as we expected, going all the way down to 1-year low at 0.8241. It looks like the move stalled ahead of rather strong support level having no more catalysts to go further, neither of technical, nor of fundamental nature. Nevertheless, the scheduled for today ECB meeting, and following Draghi press conference may help the pair to resume the slide, or to rebound. There are chances to see neutral stance of the regulator, what is actually EUR-positive, and may support the rally up to 0.8302 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8271 with support below at 0.8225 (S1), 0.8194 (S2) and 0.8148 (S3), with resistance above at 0.8302 (R1), 0.8348 (R2), and 0.8379 (R3). Hourly Moving Averages are largely bullish, with the 200SMA bearish at 0.8331 and the daily 20EMA bearish at 0.8338. Hourly RSI is neutral at 40.