8 May 2014
EUR/GBP is on the move with 0.82 in rearview
FXStreet (Moscow) - EUR/GBP started the day at 0.8203, and reached 2-days high at 0.8217, trading close at the moment.
0.82 support is still around
Although the pair is trying to rebound from 0.82 support right now, the outlook for the pair will depend on the Draghi comments. Any words on ‘brutal’ moves of the euro having negative effect on the EMU economy will pressure the single currency, and support the pound. The ECB is still not sure if it needs to bring more stimulus to the region, and although it’s reluctant to introduce new unconventional monetary tools, weak recovery, and slow price growth will be serious arguments in favor of it. The support area around 0.82 is still a hard test for the pair. However, the current press conference of Draghi may give the needed catalyst to break below it with initial target at 0.8193.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8204, with support below at 0.8193, 0.8181 and 0.8170, with resistance above 0.8216, 0.8227, and 0.8239. Hourly Moving Averages are largely neutral, with the 200SMA at 0.8219 and the daily 20EMA bullish at 0.8232. Hourly RSI is bearish at 49.
0.82 support is still around
Although the pair is trying to rebound from 0.82 support right now, the outlook for the pair will depend on the Draghi comments. Any words on ‘brutal’ moves of the euro having negative effect on the EMU economy will pressure the single currency, and support the pound. The ECB is still not sure if it needs to bring more stimulus to the region, and although it’s reluctant to introduce new unconventional monetary tools, weak recovery, and slow price growth will be serious arguments in favor of it. The support area around 0.82 is still a hard test for the pair. However, the current press conference of Draghi may give the needed catalyst to break below it with initial target at 0.8193.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8204, with support below at 0.8193, 0.8181 and 0.8170, with resistance above 0.8216, 0.8227, and 0.8239. Hourly Moving Averages are largely neutral, with the 200SMA at 0.8219 and the daily 20EMA bullish at 0.8232. Hourly RSI is bearish at 49.