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14 Apr 2015
EUR/GBP: recovery stalled at 0.7225
FXStreet (Mumbai) - The recovery in the EUR/GBP from the session low of 0.7180 stalled at 0.7225 levels, leading to a decline the pair to 0.7209 levels.
EUR/GBP: Rejected by hourly 50-MA
The better-than-expected Eurozone industrial production data helped trigger a technical recovery in the EUR/GBP pair from the low of 0.7180. However, the hourly 50-MA then located at 0.7225 proved to be a tough resistance to breach.
Meanwhile, a dip in the UK core inflation also helped the pair recover losses. Still, the recovery halted near hourly 50-MA. It remains to be seen if the pair manages to sustain above 0.72 after the release of the US advance retail sales data.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7225 (hourly 50-MA) and 0.7230 (5-DMA), above which gains could be extended to 0.7268 (50-DMA). On the flip side, a break below 0.72 could see the pair re-test the daily low at 0.7180.
EUR/GBP: Rejected by hourly 50-MA
The better-than-expected Eurozone industrial production data helped trigger a technical recovery in the EUR/GBP pair from the low of 0.7180. However, the hourly 50-MA then located at 0.7225 proved to be a tough resistance to breach.
Meanwhile, a dip in the UK core inflation also helped the pair recover losses. Still, the recovery halted near hourly 50-MA. It remains to be seen if the pair manages to sustain above 0.72 after the release of the US advance retail sales data.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7225 (hourly 50-MA) and 0.7230 (5-DMA), above which gains could be extended to 0.7268 (50-DMA). On the flip side, a break below 0.72 could see the pair re-test the daily low at 0.7180.