20 Jun 2014
EUR/GBP is too heavy to rise
FXStreet (Moscow) - EUR/GBP continued the slide that it started in Asia posting 3-day low at 0.7975.
The factors against
While the pound continues to challenge the new multi-year highs, EUR/USD is hesitating just above 1,36 area, and such a combination gives the cross all the reasons to continue the slide to new lows. The rise of British FTSE on the back of practically unchanged stance of the EMU benchmarks only supports the move. If area of resistance around 0.7975 is broken, the move lower may speed up with initial target at 0.7954.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7998, with support below at 0.7970, 0.7954 and 0.7926 with resistance above at 0.8014, 0.8042, and 0.8058. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8021 and the daily 20EMA bearish at 0.8064. Hourly RSI is bearish at 43.
The factors against
While the pound continues to challenge the new multi-year highs, EUR/USD is hesitating just above 1,36 area, and such a combination gives the cross all the reasons to continue the slide to new lows. The rise of British FTSE on the back of practically unchanged stance of the EMU benchmarks only supports the move. If area of resistance around 0.7975 is broken, the move lower may speed up with initial target at 0.7954.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.7998, with support below at 0.7970, 0.7954 and 0.7926 with resistance above at 0.8014, 0.8042, and 0.8058. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8021 and the daily 20EMA bearish at 0.8064. Hourly RSI is bearish at 43.