2 Jun 2014
EUR/GBP is depressed by the euro weakness
FXStreet (Moscow) - EUR/GBP started the day at 0.8130, reached 0.8142 session high, and slid to 0.8125 area at the moment.
Battle of PMIs
A sell-off of the euro on European open sent the pair to session lows, however everything may change. Today we will get the battle of PMIs from Britain and euro zone. Both reports are expected to show lower than the previous month results, thus, any positive surprises may determine the direction of the pair for the near term. However, we must admit that the rise of the euro may be limited before the looming ECB meeting. Besides, the recent data from euro zone confirm the weakness of current recovery in the economy, thus, the chances to see another disappointment are quite high. If so, we may see the move lower with initial target at 0.8110 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8132, with support below at 0.8124, 0.8110 and 0.8102, with resistance above 0.8146, 0.8154, and 0.8168. Hourly Moving Averages are bullish, with the 200SMA at 0.8114 and the daily 20EMA bearish at 0.8148. Hourly RSI is bullish at 59.
Battle of PMIs
A sell-off of the euro on European open sent the pair to session lows, however everything may change. Today we will get the battle of PMIs from Britain and euro zone. Both reports are expected to show lower than the previous month results, thus, any positive surprises may determine the direction of the pair for the near term. However, we must admit that the rise of the euro may be limited before the looming ECB meeting. Besides, the recent data from euro zone confirm the weakness of current recovery in the economy, thus, the chances to see another disappointment are quite high. If so, we may see the move lower with initial target at 0.8110 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8132, with support below at 0.8124, 0.8110 and 0.8102, with resistance above 0.8146, 0.8154, and 0.8168. Hourly Moving Averages are bullish, with the 200SMA at 0.8114 and the daily 20EMA bearish at 0.8148. Hourly RSI is bullish at 59.