9 Apr 2014
EUR/GBP rebounded to session highs at 0.8247
FXStreet (Moscow) - EUR/GBP is up 0.07% on the day at 0.8243, having previously posted a daily high at 0.8247 and a low at 0.8231.
The pair needs to be impressed
The pair rebounded from morning lows around 0.8230, and moved up to 0.8240 area. The released in the morning German Trade Balance didn’t impress the market, though did supported the view that appreciating euro negatively affects the export activity. The export number contracted by 1.3% m/m vs -0.5% expected. As I wrote in EUR: Many roads down south, the export oriented nature of the largest European economy is sensitive to the exchange rate of national currency, as the rise of the euro makes the goods more expensive, and less competitive on the world market. Although the market is still immune to such data believing in strength of the largest European economy, sooner or later the euro will have to fall to help Germany breathe again. As for the cross, the central pivot point for today at 0.8249 may become a strong resistance for short-term, thus we don’t rule out the retracement from that area.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8249 with support below at 0.8221, 0.8204 and 0.8176, with resistance above at 0.8266, 0.8294, and 0.8311. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8270 and the daily 20EMA bearish at 0.8292. Hourly RSI is bearish at 33.
The pair needs to be impressed
The pair rebounded from morning lows around 0.8230, and moved up to 0.8240 area. The released in the morning German Trade Balance didn’t impress the market, though did supported the view that appreciating euro negatively affects the export activity. The export number contracted by 1.3% m/m vs -0.5% expected. As I wrote in EUR: Many roads down south, the export oriented nature of the largest European economy is sensitive to the exchange rate of national currency, as the rise of the euro makes the goods more expensive, and less competitive on the world market. Although the market is still immune to such data believing in strength of the largest European economy, sooner or later the euro will have to fall to help Germany breathe again. As for the cross, the central pivot point for today at 0.8249 may become a strong resistance for short-term, thus we don’t rule out the retracement from that area.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8249 with support below at 0.8221, 0.8204 and 0.8176, with resistance above at 0.8266, 0.8294, and 0.8311. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8270 and the daily 20EMA bearish at 0.8292. Hourly RSI is bearish at 33.