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17 Dec 2013
EUR/GBP may have bumped into “correction resistance” at 0.8454 say technicians
FXstreet.com (Barcelona) - The EUR/GBP is pulling back gently early Tuesday after touching Fibonacci “correction resistance” at 0.8454 Monday. Plenty of data is due out in a few hours that should provide some more directional influence to the pair.
EUR/GBP traders will get to react to heavy British and European data flow Tuesday
EUR/GBP traders will be reacting to a long list of data points out of Britain and Europe including:
• British Consumer, Producer and Retail Price Indices
• EuroZone CPI
• EuroZone Labor Costs
• EuroZone ZEW Economic Sentiment
• German Current Situation
• German ZEW Economic Sentiment
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross may have set a short-term high at Fibonacci “correction resistance” at 0.8454 on Monday. If that level is broken to the upside, the next resistance would come in at the next Fibonacci projection line at 0.8493. Support for the cross comes in at the 11/19 close at 0.8397 and is followed up by the key pivot from 12/10 at 0.8349.
EUR/GBP traders will get to react to heavy British and European data flow Tuesday
EUR/GBP traders will be reacting to a long list of data points out of Britain and Europe including:
• British Consumer, Producer and Retail Price Indices
• EuroZone CPI
• EuroZone Labor Costs
• EuroZone ZEW Economic Sentiment
• German Current Situation
• German ZEW Economic Sentiment
Technical outlook for EUR/GBP
Technicians say the EUR/GBP cross may have set a short-term high at Fibonacci “correction resistance” at 0.8454 on Monday. If that level is broken to the upside, the next resistance would come in at the next Fibonacci projection line at 0.8493. Support for the cross comes in at the 11/19 close at 0.8397 and is followed up by the key pivot from 12/10 at 0.8349.