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23 Apr 2014
EUR/GBP gets some boost from the euro demand
FXStreet (Moscow) - EUR/GBP follows the euro optimism posting 0.8221 session high; it started the day at 0.8204.
Short-term focus
Since the EMU data for today is in the market focus, it will define the short-term direction for the pair. PMI readings are of high importance for now as the ECB closely watches the inflation and growth numbers to understand if the economy needs additional stimulus at this stage. The investors expect to see something very positive pushing the euro up before the release, nevertheless the chances of turnaround are quitу high. On the back of subdued price pressure another evidence of slowing business activity may weaken the euro, and help the pair move lower to 0.8206 initially.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8206, with support below at 0.8194, 0.8182 and 0.8170, with resistance above at 0.8218, 0.8230, and 0.8242. Hourly Moving Averages are mostly neutral, with the 200SMA at 0.8243 and the daily 20EMA bearish at 0.8257. Hourly RSI is bullish at 54.
Short-term focus
Since the EMU data for today is in the market focus, it will define the short-term direction for the pair. PMI readings are of high importance for now as the ECB closely watches the inflation and growth numbers to understand if the economy needs additional stimulus at this stage. The investors expect to see something very positive pushing the euro up before the release, nevertheless the chances of turnaround are quitу high. On the back of subdued price pressure another evidence of slowing business activity may weaken the euro, and help the pair move lower to 0.8206 initially.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8206, with support below at 0.8194, 0.8182 and 0.8170, with resistance above at 0.8218, 0.8230, and 0.8242. Hourly Moving Averages are mostly neutral, with the 200SMA at 0.8243 and the daily 20EMA bearish at 0.8257. Hourly RSI is bullish at 54.