30 Mar 2015
EUR/GBP hovers around 50-DMA
FXStreet (Mumbai) - The EUR/GBP pair continues to hover around its 50-DMA located at 0.7313 after the release of a mixed Eurozone sentiment data.
Muted reaction to an Improvement in Eurozone Economic sentiment
The shared currency failed to strengthen though the data released today showed the Eurozone economic sentiment indicator ticked up to 103.9 in March, bettering the estimate of 103.1. The services sentiment also rose to 6 in March from 5.3 in February. Meanwhile, industrial confidence improved to -2.9 compared to the expectation of -4.7, and up from the previous month’s figure of 102.3. Consumer confidence improved to -3.7 from -6.7 as expected.
Meanwhile, the election uncertainty in the UK is capping gains in the British Pound. Consequently, the EUR/GBP pair continues to hover around its 50-DMA at 0.7313.
EUR/GBP Technical Levels
The pair could rise to 0.7383, in case it manages to sustain gains above its 5-DMA located at 0.7325. On the flip side, a break below 0.7300, could open doors for 0.7264 levels.
Muted reaction to an Improvement in Eurozone Economic sentiment
The shared currency failed to strengthen though the data released today showed the Eurozone economic sentiment indicator ticked up to 103.9 in March, bettering the estimate of 103.1. The services sentiment also rose to 6 in March from 5.3 in February. Meanwhile, industrial confidence improved to -2.9 compared to the expectation of -4.7, and up from the previous month’s figure of 102.3. Consumer confidence improved to -3.7 from -6.7 as expected.
Meanwhile, the election uncertainty in the UK is capping gains in the British Pound. Consequently, the EUR/GBP pair continues to hover around its 50-DMA at 0.7313.
EUR/GBP Technical Levels
The pair could rise to 0.7383, in case it manages to sustain gains above its 5-DMA located at 0.7325. On the flip side, a break below 0.7300, could open doors for 0.7264 levels.