8 Apr 2015
EUR/GBP testing lows near 0.7290
FXStreet (Mumbai) - The shared currency continues to get battered by the pound in the European session; keeping EUR/GBP below 0.73 handle, as the shared currency completely ignored above estimates Euro zone retail sales numbers.
EUR/GBP unmoved by EZ data
Currently, the EUR/GBP cross trades lower near fresh session lows around 0.7290, down -0.17% on the day. The cross in EUR/GBP remained in red with little reaction in the euro after retail sales in the euro zone booked a fifth consecutive month of expansion on an annual basis in February, but the pace of growth slowed down.
Euro zone retail sales rose 3.0% in February than a year ago, less than the downwardly revised 3.2% hike seen in January - the best year-on-year growth since August 2005 prior to the revision - when shoppers extended the Christmas rally.
On the other hand, the pound continued to hammer the shared currency on broad GBP strength ahead of FOMC minutes due to be released later in the US session.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7275 levels below that at 0.7251 levels.
EUR/GBP unmoved by EZ data
Currently, the EUR/GBP cross trades lower near fresh session lows around 0.7290, down -0.17% on the day. The cross in EUR/GBP remained in red with little reaction in the euro after retail sales in the euro zone booked a fifth consecutive month of expansion on an annual basis in February, but the pace of growth slowed down.
Euro zone retail sales rose 3.0% in February than a year ago, less than the downwardly revised 3.2% hike seen in January - the best year-on-year growth since August 2005 prior to the revision - when shoppers extended the Christmas rally.
On the other hand, the pound continued to hammer the shared currency on broad GBP strength ahead of FOMC minutes due to be released later in the US session.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7275 levels below that at 0.7251 levels.