15 Apr 2014
EUR/GBP is on rebound ignoring weak ZEW data
FXStreet (Moscow) - EUR/GBP posted 0.8248 low on ZEW data release, but the way down is constrained.
Too volatile to bear
The pair experienced the most volatile two hours, rushing back and forth within pretty narrow 30-pip range. First, it was supported by the pound pre-data weakness. Then, swung up and down on UK PPI/CPI release, as the former came out much worse than expected, the latter meet the forecasts. And the German ZEW report was the last straw that broke the camel’s neck and sent the pair to 0.8248 low, as economic sentiment index for April came out 43.2 vs 45 expected. Nevertheless, the 0.8250 area is hard to break below as large buyers’ interest is noted around, thus, the rebound to 0.8266 pivot point is not ruled out.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8247, 0.8233 and 0.8214, with resistance above at 0.8280, 0.8299, and 0.8313. Hourly Moving Averages are mixed, with the 200SMA at 0.8266 and the daily 20EMA bearish at 0.8285. Hourly RSI is bearish at 47.
Too volatile to bear
The pair experienced the most volatile two hours, rushing back and forth within pretty narrow 30-pip range. First, it was supported by the pound pre-data weakness. Then, swung up and down on UK PPI/CPI release, as the former came out much worse than expected, the latter meet the forecasts. And the German ZEW report was the last straw that broke the camel’s neck and sent the pair to 0.8248 low, as economic sentiment index for April came out 43.2 vs 45 expected. Nevertheless, the 0.8250 area is hard to break below as large buyers’ interest is noted around, thus, the rebound to 0.8266 pivot point is not ruled out.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8266 with support below at 0.8247, 0.8233 and 0.8214, with resistance above at 0.8280, 0.8299, and 0.8313. Hourly Moving Averages are mixed, with the 200SMA at 0.8266 and the daily 20EMA bearish at 0.8285. Hourly RSI is bearish at 47.