5 Jun 2015
EUR/GBP turns positive on German data
FXStreet (Mumbai) - The shared currency reversed losses and spiked above 0.73 barrier versus the pound in the early European morning, driving EUR/GBP to fresh session highs. The cross jolted higher after the euro was boosted by German factory orders data which surprised the markets on the upside.
EUR/GBP extends beyond 0.7300
Currently, the EUR/GBP cross trades 0.05% higher at 0.7317, quickly retreating from fresh session highs reached at 0.7324 post the data release. The cross in EUR/GBP snapped previous losses and swung back higher above 0.73 handle as markets cheered upbeat German factory orders numbers.
Industrial orders in Germany added 1.4% in April m/m, while markets had expected the reading to post 0.5% growth. On a yearly basis, the gauge gained 0.4% in April, after posting a revised 2.0% gain in March.
Markets had projected a decrease of 0.6% y/y in April.
On the other hand, the pound remains in red versus the greenback ahead of key US jobs report due later today, which also adds to the upside in EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7360 (June 3 High) and above which it could extend gains to at 0.7420 (May 1 High) levels. To the downside immediate support might be located at 0.7292 (Today’s Low) levels below that at 0.7248 (June 3 Low) levels.
EUR/GBP extends beyond 0.7300
Currently, the EUR/GBP cross trades 0.05% higher at 0.7317, quickly retreating from fresh session highs reached at 0.7324 post the data release. The cross in EUR/GBP snapped previous losses and swung back higher above 0.73 handle as markets cheered upbeat German factory orders numbers.
Industrial orders in Germany added 1.4% in April m/m, while markets had expected the reading to post 0.5% growth. On a yearly basis, the gauge gained 0.4% in April, after posting a revised 2.0% gain in March.
Markets had projected a decrease of 0.6% y/y in April.
On the other hand, the pound remains in red versus the greenback ahead of key US jobs report due later today, which also adds to the upside in EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7360 (June 3 High) and above which it could extend gains to at 0.7420 (May 1 High) levels. To the downside immediate support might be located at 0.7292 (Today’s Low) levels below that at 0.7248 (June 3 Low) levels.