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5 Mar 2014
EUR/GBP is drifting slightly south, but only to bounce back
FXStreet (Moscow) - EUR/GBP shows slight retracement from 0.8246 at the open to 0.8236 session low. Dull Asian session.
Service PMI’s battle
Despite the lack of volatility in Asia, we still have a chance to see more in Europe. And again it’s going to be the day of fight between the EMU and UK data, as both regions present Service PMI data. The chances to get some positive result are higher on euro zone side with Germany is clearly on the stable path of recovery. Besides, many investors believe the ECB will keep the monetary policy unchanged this Thursday, that is another argument for the pair move higher. Thus, we may see the bounce up from the current support area around 0.8240 with initial target at 0.8261 resistance level, followed by 0.8279.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8243 with support below at 0.8225, 0.8207 and 0.8189, with resistance above at 0.8261, 0.8279, and 0.8297. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.8235 and the daily 20EMA flat at 0.8243. Hourly RSI is neutral at 48.
Service PMI’s battle
Despite the lack of volatility in Asia, we still have a chance to see more in Europe. And again it’s going to be the day of fight between the EMU and UK data, as both regions present Service PMI data. The chances to get some positive result are higher on euro zone side with Germany is clearly on the stable path of recovery. Besides, many investors believe the ECB will keep the monetary policy unchanged this Thursday, that is another argument for the pair move higher. Thus, we may see the bounce up from the current support area around 0.8240 with initial target at 0.8261 resistance level, followed by 0.8279.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8243 with support below at 0.8225, 0.8207 and 0.8189, with resistance above at 0.8261, 0.8279, and 0.8297. Hourly Moving Averages are mixed, with the 200SMA bearish at 0.8235 and the daily 20EMA flat at 0.8243. Hourly RSI is neutral at 48.