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11 Mar 2014
EUR/GBP can step down to 0.83 area again
FXStreet (Moscow) - EUR/GBP started the day at 0.8334 and drifted lower to 0.8324 by the moment.
The turnaround is conditional
After a significant pair rise we saw yesterday, the chances for turnaround are quite high. The released recently German Trade Balance data brought some disappointment to the euro, pressuring the pair a bit to current 0.8324 level. January trade surplus s.a Е17.2 bln vs E17.7 bln expected. Today the UK Industrial Production data may become that very catalyst to trigger the move back to 0.8301 support level. The only condition must be met – the IP numbers must be better than expected.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8237 with support below at 0.8301, 0.8266 and 0.8240, with resistance above at 0.8362, 0.8388, and 0.8423. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8250 and the daily 20EMA bullish at 0.8257. Hourly RSI is neutral at 57.
The turnaround is conditional
After a significant pair rise we saw yesterday, the chances for turnaround are quite high. The released recently German Trade Balance data brought some disappointment to the euro, pressuring the pair a bit to current 0.8324 level. January trade surplus s.a Е17.2 bln vs E17.7 bln expected. Today the UK Industrial Production data may become that very catalyst to trigger the move back to 0.8301 support level. The only condition must be met – the IP numbers must be better than expected.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8237 with support below at 0.8301, 0.8266 and 0.8240, with resistance above at 0.8362, 0.8388, and 0.8423. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8250 and the daily 20EMA bullish at 0.8257. Hourly RSI is neutral at 57.