15 Jan 2014
EUR/GBP has found support around 0.83 area
FXstreet.com (Moscow) - EUR/GBP corrected lower during the Asian session reaching 0.8302 support level, and showing a little rebound higher to 0.8308 at the moment.
EUR/GBP: recovery or correction?
After reaching two-week high at 0.8348 the pair reversed the move, though it is still not ready to show a full-blown downside movement. The recent fundamental reports give support to EUR, and put GBP under additional pressure, though the long-term outlook for the two European economies looks different. Traders still believe in more stability from UK, and doubt the recovery of euro zone, that’s why the further move up of EUR/GBP is constrained. Only significantly better than expected EMU data may help to break higher with initial target at 0.8342 resistance level
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8324 with support below at 0.8302 (S1), 0.8284 (S2) and 0.8262 (S3), with resistance above at 0.8342 (R1), 0.8364 (R2), and 0.8382 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 0.8296 and the daily 20EMA flat at 0.8322. Hourly RSI is neutral at 34.
EUR/GBP: recovery or correction?
After reaching two-week high at 0.8348 the pair reversed the move, though it is still not ready to show a full-blown downside movement. The recent fundamental reports give support to EUR, and put GBP under additional pressure, though the long-term outlook for the two European economies looks different. Traders still believe in more stability from UK, and doubt the recovery of euro zone, that’s why the further move up of EUR/GBP is constrained. Only significantly better than expected EMU data may help to break higher with initial target at 0.8342 resistance level
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8324 with support below at 0.8302 (S1), 0.8284 (S2) and 0.8262 (S3), with resistance above at 0.8342 (R1), 0.8364 (R2), and 0.8382 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 0.8296 and the daily 20EMA flat at 0.8322. Hourly RSI is neutral at 34.