20 Feb 2015
EUR/GBP recovers slightly on upbeat Eurozone PMI data
FXStreet (Mumbai) - The EUR/GBP recovered from the low of 0.7339 to trade at 0.7361 after the Markit data showed private sector activity in the Eurozone hit a seven month high in February.
Gains in EUR capped ahead of the Eurogroup meeting
The shared currency recovered part of its losses after preliminary Markit Eurozone Manufacturing Purchasing Manager’s Index (PMI) rose to a 7-month high of 51.1 in February from 51.00 in January. However, the data missed the estimate of 51.5. The services PMI and the composite PMI also rose to a 7-month high of 53.9 and 53.5 respectively.
Attention now shifts to the UK retail sales data due for release in a few minutes and the outcome of the Eurogroup meeting later today. Investors are likely to stay cautious ahead of the Eurogroup meeting.
EUR/GBP Technical Levels
The immediate resistance is located at 0.7371, above which the pair could extend gains to at 0.7400 levels. Meanwhile, immediate support is seen at 0.7335 and 0.7300 levels.
Gains in EUR capped ahead of the Eurogroup meeting
The shared currency recovered part of its losses after preliminary Markit Eurozone Manufacturing Purchasing Manager’s Index (PMI) rose to a 7-month high of 51.1 in February from 51.00 in January. However, the data missed the estimate of 51.5. The services PMI and the composite PMI also rose to a 7-month high of 53.9 and 53.5 respectively.
Attention now shifts to the UK retail sales data due for release in a few minutes and the outcome of the Eurogroup meeting later today. Investors are likely to stay cautious ahead of the Eurogroup meeting.
EUR/GBP Technical Levels
The immediate resistance is located at 0.7371, above which the pair could extend gains to at 0.7400 levels. Meanwhile, immediate support is seen at 0.7335 and 0.7300 levels.