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16 Aug 2013
EUR/GBP printing fresh lows
FXstreet.com (Barcelona) - EUR/GBP has dropped rom 0.8540 territory over the course of European markets and has printed a fresh low at 0.8522.
EUR/BP moved lower on the release of the EZ CPI – Core (YoY) (July) that came in at 1.1%, and down on the previous 1.2% while the non core CPI came in line with expectations at 1.6% and matching previous as well. EUR/GBP has continued to move lower from above the 0.8600 handle in an environment that continues to see positive UK data supporting Sterling. The Sterling also found some supporting flows and demand from a weaker dollar in a sell off yesterday.
EUR/GBP eye’s the 200 dma
Axel Rudolph, Senior Technical Analyst at Commerzbank said, “minor resistance still sits at 0.8580/83 (July 10 low and 55 day moving average) and further resistance at 0.8597, the May peak. He continued to say, “We expect to see a sell-off towards the 200 day moving average at 0.8453 being seen over the coming weeks now that the current August high at 0.8769 has been highlighted as a significant top”. The 20 dma sits at 0.8629, with the 50 dma at 0.8588 and the 200 dma is 0.8449. RSI (9) reads below 30 at 29.43. The supporting levels come in as 0.8420, 0.8464, 0.8489 and 0.8505. Spot is currently 0.8522. Resistances are 0.8540, 0.8580, 0.8609, 0.8623 and 0.8679.
EUR/BP moved lower on the release of the EZ CPI – Core (YoY) (July) that came in at 1.1%, and down on the previous 1.2% while the non core CPI came in line with expectations at 1.6% and matching previous as well. EUR/GBP has continued to move lower from above the 0.8600 handle in an environment that continues to see positive UK data supporting Sterling. The Sterling also found some supporting flows and demand from a weaker dollar in a sell off yesterday.
EUR/GBP eye’s the 200 dma
Axel Rudolph, Senior Technical Analyst at Commerzbank said, “minor resistance still sits at 0.8580/83 (July 10 low and 55 day moving average) and further resistance at 0.8597, the May peak. He continued to say, “We expect to see a sell-off towards the 200 day moving average at 0.8453 being seen over the coming weeks now that the current August high at 0.8769 has been highlighted as a significant top”. The 20 dma sits at 0.8629, with the 50 dma at 0.8588 and the 200 dma is 0.8449. RSI (9) reads below 30 at 29.43. The supporting levels come in as 0.8420, 0.8464, 0.8489 and 0.8505. Spot is currently 0.8522. Resistances are 0.8540, 0.8580, 0.8609, 0.8623 and 0.8679.