22 Aug 2013
EUR/GBP bid through 200 DMA
FXstreet.com (Barcelona) - EUR/GBP has risen to 0.8567, through the 200 DMA and jumping from below 0.8540 on positive EZ data.
EZ Markit PMI composite and Services for August came in at 51.7 and 51 respectively while German Markit Services PMI and Manufacturing PMI came in 52.4 and 52 respectively. The data was better than expected and has given the euro a boost. In the absence of UK data, EUR/USD will be the driver for today in the cross. Focus in on the US and the weekly initial unemployment claims will be closely monitored after the impressive fall to just 320K last week. The results could prove a strong US labour market. The annual Jackson Hole conference for central bankers also starts today. However, there No prominent Fed speakers that are scheduled, so there shouldn’t be any new insight into Fed's monetary policy thinking.
EUR/GBP eyes 50 dma
EUR/GBP is headed back towards the 0.8580 resistance zone where it would be meeting the July low and 50 DMA where up ahead lies the May peak and psychological 0.8600 handle. The 20 DMA is .8615, the 50 DMA is .8590 and the 200 DMA is.8460. RSI (9) reads 35.86 while supports are ascending from .8441, .8464, .8499, .8505. Spot is currently .85667 while resistances are .8580, .8609, .8623 and .8679.
EZ Markit PMI composite and Services for August came in at 51.7 and 51 respectively while German Markit Services PMI and Manufacturing PMI came in 52.4 and 52 respectively. The data was better than expected and has given the euro a boost. In the absence of UK data, EUR/USD will be the driver for today in the cross. Focus in on the US and the weekly initial unemployment claims will be closely monitored after the impressive fall to just 320K last week. The results could prove a strong US labour market. The annual Jackson Hole conference for central bankers also starts today. However, there No prominent Fed speakers that are scheduled, so there shouldn’t be any new insight into Fed's monetary policy thinking.
EUR/GBP eyes 50 dma
EUR/GBP is headed back towards the 0.8580 resistance zone where it would be meeting the July low and 50 DMA where up ahead lies the May peak and psychological 0.8600 handle. The 20 DMA is .8615, the 50 DMA is .8590 and the 200 DMA is.8460. RSI (9) reads 35.86 while supports are ascending from .8441, .8464, .8499, .8505. Spot is currently .85667 while resistances are .8580, .8609, .8623 and .8679.