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16 Apr 2014
EUR/GBP may show a two-staged move from 0.8250
FXStreet (Moscow) - EUR/GBP opened Wednesday at 0.8256, posted 0.8267 session high, and retraced back to 0.8255 area by the moment.
Two chances to fall
Although the pair tried to move higher in the morning, it still may have the reasons to fall again, as economic data from the EMU, and the UK is scheduled for release. First, we will see the solo of the British labor readings that may prove the growth of new jobs, and higher pay of the current employees. Positive outcome is highly expected, as the British labor market is in recovery since the last year. And this is potentially bullish for the pound. Then, we will see the Final March EMU CPI report that may show the revision lower due to slowing price pressure in the region, and this is potentially euro-bearish. Thus, in this scenario we may see the move down with initial target at 0.8221 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8262 with support below at 0.8240, 0.8221 and 0.8199, with resistance above at 0.8281, 0.8303, and 0.8322. Hourly Moving Averages are mixed, with the 200SMA at 0.8264 and the daily 20EMA neutral at 0.8283. Hourly RSI is bullish at 53.
Two chances to fall
Although the pair tried to move higher in the morning, it still may have the reasons to fall again, as economic data from the EMU, and the UK is scheduled for release. First, we will see the solo of the British labor readings that may prove the growth of new jobs, and higher pay of the current employees. Positive outcome is highly expected, as the British labor market is in recovery since the last year. And this is potentially bullish for the pound. Then, we will see the Final March EMU CPI report that may show the revision lower due to slowing price pressure in the region, and this is potentially euro-bearish. Thus, in this scenario we may see the move down with initial target at 0.8221 support level.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8262 with support below at 0.8240, 0.8221 and 0.8199, with resistance above at 0.8281, 0.8303, and 0.8322. Hourly Moving Averages are mixed, with the 200SMA at 0.8264 and the daily 20EMA neutral at 0.8283. Hourly RSI is bullish at 53.