7 Apr 2014
EUR/GBP - who wear the pants?
FXStreet (Moscow) - EUR/GBP is again an indicator of who wears the pants between the two Europeans for today. It started 0.8260, and reached 0.8279 high by the moment.
New reasons to sell?
Despite the current upside bias in the pair, we must admit, the euro is still on the weak side, thus giving the opportunities for the prices to resume the slide soon retracing from strong resistance at 0.83. We can see, the appreciating euro really had its impact on German economy. Export oriented nature of the largest European economy is sensitive to the exchange rate of national currency, as the rise of the euro makes the goods more expensive, and less competitive on the world market. Moreover, the disinflation process is developing, and probably the scheduled for this week CPI data out of Germany, and the EMU will only prove the trend. Today no market-moving data is released, thus leaving us without any direction. The initial target for the downside will be at 0.8252 support level, and the upside is limited by 0.8298.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8252, 0.8234 and 0.8220, with resistance above at 0.8284, 0.8298, and 0.8316. Hourly Moving Averages are mixed, with the 200SMA at 0.8287 and the daily 20EMA bearish at 0.8300. Hourly RSI is neutral at 52.
New reasons to sell?
Despite the current upside bias in the pair, we must admit, the euro is still on the weak side, thus giving the opportunities for the prices to resume the slide soon retracing from strong resistance at 0.83. We can see, the appreciating euro really had its impact on German economy. Export oriented nature of the largest European economy is sensitive to the exchange rate of national currency, as the rise of the euro makes the goods more expensive, and less competitive on the world market. Moreover, the disinflation process is developing, and probably the scheduled for this week CPI data out of Germany, and the EMU will only prove the trend. Today no market-moving data is released, thus leaving us without any direction. The initial target for the downside will be at 0.8252 support level, and the upside is limited by 0.8298.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8252, 0.8234 and 0.8220, with resistance above at 0.8284, 0.8298, and 0.8316. Hourly Moving Averages are mixed, with the 200SMA at 0.8287 and the daily 20EMA bearish at 0.8300. Hourly RSI is neutral at 52.