4 Feb 2014
A militant EUR/GBP climbs higher
FXStreet (Moscow) - EUR/GBP still looks aggressive breaking 0.83 round level, and reaching 0.8325 high.
EUR/GBP may have some problems with upside
Although the pair started the Asia off the overnight highs, it resumed the rise once reached the session low at 0.8281. The pair was fueled yesterday by unexpectedly strong regional PMI from the EMU, and unexpectedly weak PMI data from the UK. In this situation the pound was doomed to lose its ground. The pair reached 1-week high at 0.8301, but the round number became a strong resistance level on its way to mid-January highs. The battle between two European currencies will go on, and today is the UK’s solo. If the Construction PMI data rehabilitate the pound, and convince the traders in the British growth stability, wait for a broad-based sell-off. To the downside the support comes at 0.8267 (central pivot point for today) and followed by 0.8231. The upside is limited by 0.8333 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8267 with support below at 0.8231, 0.8165 and 0.8129, with resistance above at 0.8333, 0.8369, and 0.8435. Hourly Moving Averages are bullish, with the 200SMA at 0.8239 and the daily 20EMA flat at 0.8267. Hourly RSI is neutral at 68.
EUR/GBP may have some problems with upside
Although the pair started the Asia off the overnight highs, it resumed the rise once reached the session low at 0.8281. The pair was fueled yesterday by unexpectedly strong regional PMI from the EMU, and unexpectedly weak PMI data from the UK. In this situation the pound was doomed to lose its ground. The pair reached 1-week high at 0.8301, but the round number became a strong resistance level on its way to mid-January highs. The battle between two European currencies will go on, and today is the UK’s solo. If the Construction PMI data rehabilitate the pound, and convince the traders in the British growth stability, wait for a broad-based sell-off. To the downside the support comes at 0.8267 (central pivot point for today) and followed by 0.8231. The upside is limited by 0.8333 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8267 with support below at 0.8231, 0.8165 and 0.8129, with resistance above at 0.8333, 0.8369, and 0.8435. Hourly Moving Averages are bullish, with the 200SMA at 0.8239 and the daily 20EMA flat at 0.8267. Hourly RSI is neutral at 68.