27 Dec 2013
EUR/GBP bouncing after test of ST support at 0.8329 Thursday
FXstreet.com (Barcelona) - The EUR/GBP is bouncing nicely Thursday as the euro has found some sudden strength here at the end of this holiday week. Resistance at 0.8391 looms, though.
EUR/GBP getting a lift Friday despite lack of data flow
The end of the Christmas holiday week is bringing some unexplained and unexpected euro strength – especially given the absence of any data catalysts on Friday’s schedule. Next week’s schedule for Europe and Britain includes several meaningful data points, including:
• Monday: British Housing Prices; German Retail Sales
• Tuesday: No data
• Wednesday: Everything closed for New Year’s
• Thursday: German, European and British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI;
EuroZone CPI data.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP is bouncing Friday after testing short-term support at 0.8329 Thursday. Additonal support comes into play at the 11/7 low of 0.8299. Resistance for the cross comes in at the Fibonacci retracements of 0.8391, 0.8397 and 0.8414.
EUR/GBP getting a lift Friday despite lack of data flow
The end of the Christmas holiday week is bringing some unexplained and unexpected euro strength – especially given the absence of any data catalysts on Friday’s schedule. Next week’s schedule for Europe and Britain includes several meaningful data points, including:
• Monday: British Housing Prices; German Retail Sales
• Tuesday: No data
• Wednesday: Everything closed for New Year’s
• Thursday: German, European and British Manufacturing PMI data
• Friday: British Consumer Credit; British Mortgage Approvals; British Lending Data; British Construction PMI;
EuroZone CPI data.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP is bouncing Friday after testing short-term support at 0.8329 Thursday. Additonal support comes into play at the 11/7 low of 0.8299. Resistance for the cross comes in at the Fibonacci retracements of 0.8391, 0.8397 and 0.8414.