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3 Nov 2015
EUR/GBP looks for motivation near 0.7140
FXStreet (Edinburgh) - Both the sterling and the single currency are trading in a consolidative pattern on Tuesday, prompting EUR/GBP to trade sidelined around 0.7140.
EUR/GBP supported near 0.7100
The European cross has managed to leave behind yesterday’s troughs near the critical support at 0.7100 and is now looking to consolidate the recent drop from last week’s tops in the mid-0.7200s.
It will be a fairly muted session in Euroland and the UK today, with President Draghi’s speech as the main highlight this evening. Other than that, the price action will surely hinge on the risk appetite trends.
EUR/GBP relevant levels
As of writing the cross is losing 0.03% at 0.7144 and a breach of 0.7121 (low Oct.30) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17). On the flip side, the next resistance lines up at 0.7215 (50% Fibo of 0.6935-0.7496) followed by 0.7238 (200-day sma) and then 0.7311 (55-day sma).
EUR/GBP supported near 0.7100
The European cross has managed to leave behind yesterday’s troughs near the critical support at 0.7100 and is now looking to consolidate the recent drop from last week’s tops in the mid-0.7200s.
It will be a fairly muted session in Euroland and the UK today, with President Draghi’s speech as the main highlight this evening. Other than that, the price action will surely hinge on the risk appetite trends.
EUR/GBP relevant levels
As of writing the cross is losing 0.03% at 0.7144 and a breach of 0.7121 (low Oct.30) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17). On the flip side, the next resistance lines up at 0.7215 (50% Fibo of 0.6935-0.7496) followed by 0.7238 (200-day sma) and then 0.7311 (55-day sma).