Back
31 Mar 2014
EUR/GBP is torn between 0.8270 and 0.8250
FXStreet (Moscow) - EUR/GBP started the day at 0.8260 hardly moving during Asia session, but still staying within spitting distance from 4-week lows; it trades around 0.8270 at the moment.
CPI is to show the way
The support level at 0.8250 became the barrier on the move lower, though any new positive piece of data from the UK, and negative one from the EMU will be enough for the break through. We already got positive German retail sales, but the market completely ignored that, as today we have Consumer Price Index Flash Estimate from euro zone, and this will be that very catalyst that may bring the pair to new technical levels. The recently released Spanish and German numbers disappointed, thus only strengthening the fears of developing disinflationary process. If we get another argument in favor of low price pressure, the pair may break below 0.8250 targeting 0.8226 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8265 with support below at 0.8245, 0.8226 and 0.8206, with resistance above at 0.8284, 0.8304, and 0.8323. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8342 and the daily 20EMA bearish at 0.8317. Hourly RSI is neutral at 46.
CPI is to show the way
The support level at 0.8250 became the barrier on the move lower, though any new positive piece of data from the UK, and negative one from the EMU will be enough for the break through. We already got positive German retail sales, but the market completely ignored that, as today we have Consumer Price Index Flash Estimate from euro zone, and this will be that very catalyst that may bring the pair to new technical levels. The recently released Spanish and German numbers disappointed, thus only strengthening the fears of developing disinflationary process. If we get another argument in favor of low price pressure, the pair may break below 0.8250 targeting 0.8226 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8265 with support below at 0.8245, 0.8226 and 0.8206, with resistance above at 0.8284, 0.8304, and 0.8323. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8342 and the daily 20EMA bearish at 0.8317. Hourly RSI is neutral at 46.