16 Feb 2015
EUR/GBP rises above 0.74
FXStreet (Mumbai) - The shared currency strengthened today, taking the EUR/GBP trades above 0.74 levels on hopes that Greece would reach a debt deal with its international creditors today.
Pair stuck at hourly 100-SMA
The gains are being capped at the hourly 100-SMA located at 0.7412 levels. Interestingly, 0.7412 is also a 50% retracement level of the downtrend (0.7473-0.7370). Meanwhile, losses have been capped today at the 23.6% retracement level at 0.7390 levels.
Meanwhile, the Eurozone Trade balance data is unlikely impact the EUR/GBP significantly. The markets are likely to remain focused on the Eurogroup meet scheduled in Brussels later today.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7412, above which gains could be extended to 0.7421 levels. On the flip side, a break below 0.7402 could push the pair down to 0.7390 levels.
Pair stuck at hourly 100-SMA
The gains are being capped at the hourly 100-SMA located at 0.7412 levels. Interestingly, 0.7412 is also a 50% retracement level of the downtrend (0.7473-0.7370). Meanwhile, losses have been capped today at the 23.6% retracement level at 0.7390 levels.
Meanwhile, the Eurozone Trade balance data is unlikely impact the EUR/GBP significantly. The markets are likely to remain focused on the Eurogroup meet scheduled in Brussels later today.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7412, above which gains could be extended to 0.7421 levels. On the flip side, a break below 0.7402 could push the pair down to 0.7390 levels.