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2 Apr 2014
EUR/GBP on another attempt to position above 0.83
FXStreet (Moscow) - EUR/GBP started the day at 0.8294 and moved up reaching 0.8308 session high, but rebounded back below 0.83 by the moment.
Resistance at 0.83 is the key
The second attempt in a row to break above 0.83 resistance area failed again, and now we see the third one that may succeed, but not today. The only catalyst able to support the euro to come back above 0,83 area with cinfidence is the ECB meeting and Draghi conference. During the former things should be left unchanged, and during the latter Draghi should sound optimistic – these are the factors to target the initial resistance at 0.8334 when 0.83 is broken. Since today the economic calendar is practically barren, we expect mild retracement to support level at 0.8287 soon after another failure.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8287 with support below at 0.8268, 0.8240 and 0.8221, with resistance above at 0.8315, 0.8334, and 0.8362. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8319 and the daily 20EMA bearish at 0.8310. Hourly RSI is neutral at 71.
Resistance at 0.83 is the key
The second attempt in a row to break above 0.83 resistance area failed again, and now we see the third one that may succeed, but not today. The only catalyst able to support the euro to come back above 0,83 area with cinfidence is the ECB meeting and Draghi conference. During the former things should be left unchanged, and during the latter Draghi should sound optimistic – these are the factors to target the initial resistance at 0.8334 when 0.83 is broken. Since today the economic calendar is practically barren, we expect mild retracement to support level at 0.8287 soon after another failure.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8287 with support below at 0.8268, 0.8240 and 0.8221, with resistance above at 0.8315, 0.8334, and 0.8362. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8319 and the daily 20EMA bearish at 0.8310. Hourly RSI is neutral at 71.