17 Mar 2015
EUR/GBP eyes 0.7200 on cheerful EMU data
FXStreet (Mumbai) - EUR/GBP extends gains and climbs further to fresh session highs after EMU CPI rises along with the bloc’s economic sentiment, recent EMU data showed.
EUR/GBP rises from 0.7160 levels
Currently, the EUR/GBP cross climbs 0.65% and trades near fresh session highs of 0.7177 levels after the data release. The cross in EUR/GBP added further gains as the shared currency was boosted on impressive EMU economic releases.
The CPI in the 19-nation bloc was 0.3% lower than a year earlier in February - a considerable improvement when compared with the 0.6% slide seen in January. The ZEW Economic Sentiment Index, evaluating rose to 54.8 in March, up from February when the reading stood at 53 points.
On the other hand, pound remained subdued below 1.48 versus the USD as traders turned cautious ahead of Wednesday’s BOE minutes.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7220 levels. To the downside immediate support might be located at 0.7120 levels below that at 0.7090 levels.
EUR/GBP rises from 0.7160 levels
Currently, the EUR/GBP cross climbs 0.65% and trades near fresh session highs of 0.7177 levels after the data release. The cross in EUR/GBP added further gains as the shared currency was boosted on impressive EMU economic releases.
The CPI in the 19-nation bloc was 0.3% lower than a year earlier in February - a considerable improvement when compared with the 0.6% slide seen in January. The ZEW Economic Sentiment Index, evaluating rose to 54.8 in March, up from February when the reading stood at 53 points.
On the other hand, pound remained subdued below 1.48 versus the USD as traders turned cautious ahead of Wednesday’s BOE minutes.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7220 levels. To the downside immediate support might be located at 0.7120 levels below that at 0.7090 levels.