29 Jan 2015
EUR/GBP heads towards fresh session highs post German data
FXStreet (Mumbai) - The common currency held on to previous gains against the British pound, after Germany’s unemployment numbers fell to record lows painting a brighter labour market picture.
EUR/GBP holds above 5-DMA
The EUR/GBP pair traded at 0.7469 levels, up 0.17% on the day, having posted fresh session highs at 0.7471 levels just before the data release. The EUR/GBP remained elevated after solid Germany’s unemployment data reflected that number of people out of job fell by 9,000 during January, compared to expectations for a drop of 10,000. Meanwhile, the unemployment rate, booked 6.5%, the lowest level in records going back more than two decades. The previous figure was revised up by a notch to 6.6%.
Traders now await the crucial prelim Germany inflation readings for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to at 0.7533 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.
EUR/GBP holds above 5-DMA
The EUR/GBP pair traded at 0.7469 levels, up 0.17% on the day, having posted fresh session highs at 0.7471 levels just before the data release. The EUR/GBP remained elevated after solid Germany’s unemployment data reflected that number of people out of job fell by 9,000 during January, compared to expectations for a drop of 10,000. Meanwhile, the unemployment rate, booked 6.5%, the lowest level in records going back more than two decades. The previous figure was revised up by a notch to 6.6%.
Traders now await the crucial prelim Germany inflation readings for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7500 and above which it could extend gains to at 0.7533 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.