14 Apr 2014
EUR/GBP may still come back to 0.83
FXStreet (Moscow) - EUR/GBP gapped lower at the open starting the day at 0.8276, and sliding to 0.8269 session low by the moment.
The EMU-focused
Since the UK doesn’t offer any economic events to digest, the pair moves will depend on the data from the EMU. The Euro made another attempt to break above 0.83 resistance level recently, but failed again. And the jawboning procedure from the European officials helped the pair to retreat. Starting with Draghi on weekend, and then with Noyer and Schaeuble to follow, we don’t rule out that Monday may bring some more revelation. However, better than expected Industrial Production data from the euro zone may become the needed catalyst to recover with initial target at 0.8293 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8293 with support below at 0.8275, 0.8251 and 0.8233, with resistance above at 0.8317, 0.8335, and 0.8359. Hourly Moving Averages are mixed, with the 200SMA at 0.8269 and the daily 20EMA flat at 0.8288. Hourly RSI is bullish at 46.
The EMU-focused
Since the UK doesn’t offer any economic events to digest, the pair moves will depend on the data from the EMU. The Euro made another attempt to break above 0.83 resistance level recently, but failed again. And the jawboning procedure from the European officials helped the pair to retreat. Starting with Draghi on weekend, and then with Noyer and Schaeuble to follow, we don’t rule out that Monday may bring some more revelation. However, better than expected Industrial Production data from the euro zone may become the needed catalyst to recover with initial target at 0.8293 resistance level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8293 with support below at 0.8275, 0.8251 and 0.8233, with resistance above at 0.8317, 0.8335, and 0.8359. Hourly Moving Averages are mixed, with the 200SMA at 0.8269 and the daily 20EMA flat at 0.8288. Hourly RSI is bullish at 46.