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13 Mar 2014
EUR/GBP is reaching new multi-month highs
FXStreet (Moscow) - EUR/GBP started the day at 0.8368 and drifted down to 0.8356 session low, though rebounding to 3-month high at 0.8377.
It’s all about pound weakness
Now when the pair broke above 0.8340 resistance level and reached new 3-month high at 0.8376, the 0.8391 late December high could be hit soon. And the main factor for this will be not the euro strength, but the sterling weakness. Since there is no interesting economic data scheduled for Europe, the market volatility will rise closer to the American session open. The European session most probably will be spent within narrow 20-pip range 0.8370-0.8350. The initial resistance comes at 0.8387 level, and the support is looming at 0.8355.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8355 with support below at 0.8335, 0.8303 and 0.8283, with resistance above at 0.8387, 0.8407, and 0.8439. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8282 and the daily 20EMA bullish at 0.8275. Hourly RSI is neutral at 61.
It’s all about pound weakness
Now when the pair broke above 0.8340 resistance level and reached new 3-month high at 0.8376, the 0.8391 late December high could be hit soon. And the main factor for this will be not the euro strength, but the sterling weakness. Since there is no interesting economic data scheduled for Europe, the market volatility will rise closer to the American session open. The European session most probably will be spent within narrow 20-pip range 0.8370-0.8350. The initial resistance comes at 0.8387 level, and the support is looming at 0.8355.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8355 with support below at 0.8335, 0.8303 and 0.8283, with resistance above at 0.8387, 0.8407, and 0.8439. Hourly Moving Averages are largely bullish, with the 200SMA at 0.8282 and the daily 20EMA bullish at 0.8275. Hourly RSI is neutral at 61.