12 May 2014
EUR/GBP is reserved, with 0.8160 support intact
FXStreet (Moscow) - EUR/GBP started the day at 0.8163, tried to move higher, but retreated below 0.8160 due to pound strength.
Downtrend may be confirmed this week
It looks like the pair feels quite comfortable below the strong 0.82 level. The scheduled for the week ahead data from the UK and the EMU may only confirm the downward trend of the pair, if investors believe in higher chances of the BOE to tighten, and the ECB to ease monetary policy. For now the support level at 0.8160 stays intact, as the lack of economic releases will give the pair some time to think. If broken, wait for the move lower with initial target at 0.8144 support.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8169, with support below at 0.8153, 0.8144 and 0.8128, with resistance above 0.8178, 0.8194, and 0.8203. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8206 and the daily 20EMA bearish at 0.8220. Hourly RSI is bearish at 42.
Downtrend may be confirmed this week
It looks like the pair feels quite comfortable below the strong 0.82 level. The scheduled for the week ahead data from the UK and the EMU may only confirm the downward trend of the pair, if investors believe in higher chances of the BOE to tighten, and the ECB to ease monetary policy. For now the support level at 0.8160 stays intact, as the lack of economic releases will give the pair some time to think. If broken, wait for the move lower with initial target at 0.8144 support.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8169, with support below at 0.8153, 0.8144 and 0.8128, with resistance above 0.8178, 0.8194, and 0.8203. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8206 and the daily 20EMA bearish at 0.8220. Hourly RSI is bearish at 42.