Back
16 Dec 2013
EUR/GBP opens week higher – staying with the recent trend – euro data to drive the action
FXstreet.com (Barcelona) - The EUR/GBP is modestly overbought short-term, but should continue with the upside trading until the data dictate a change in trend.
EUR/GBP traders will be watching German and EuroZone data closely
EUR/GBP traders will be reacting mostly to various European PMIs – including Germany’s – while there is a dearth of British data on Monday. Unless the data come in showing extremely strong EuroZone and German PMI data, the downward trend is likely to continue in the EUR/GBP.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross tested the first of two potential resistance levels on the chart early Monday at 0.8446 (the 11/12 close). Above that comes the 11/13 high at 0.8462. Downside targets / support come in at the 12/12 low at 0.8390 and is followed up by last Tuesday’s low at 0.8349.
EUR/GBP traders will be watching German and EuroZone data closely
EUR/GBP traders will be reacting mostly to various European PMIs – including Germany’s – while there is a dearth of British data on Monday. Unless the data come in showing extremely strong EuroZone and German PMI data, the downward trend is likely to continue in the EUR/GBP.
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross tested the first of two potential resistance levels on the chart early Monday at 0.8446 (the 11/12 close). Above that comes the 11/13 high at 0.8462. Downside targets / support come in at the 12/12 low at 0.8390 and is followed up by last Tuesday’s low at 0.8349.