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20 May 2014
EUR/GBP bears threaten 0.8140 support
FXStreet (Moscow) - EUR/GBP is under pressure early in Europe as traders are positioning ahead of UK inflation report. The support of 0.8140 may give way.
Choosing between the Europeans
The 0.81 area of support may be the key for the pair for the medium-term, and only significant economic catalysts may help the pair to break below. The current week economic calendar is not a market moving one, however, better than expected British data still may help the pair move closer to the mentioned target. The strong CPI and retail sales data may remind the investors the UK growth is exceeding the EMU pace of recovery, and resume the demand on the pair. In this case the initial target may be at 0.8140 support followed by 0.8100.
What price levels and patterns have to be considered?
Current price is 0.8144, with resistance ahead at 0.8145 (Monthly Low), 0.8145 (Weekly Low), 0.8145 (Annual Low), 0.8145 (YTD Low) and 0.8151 (Daily Classic PP).
Support below can be found at 0.8142 (Daily Low), 0.8141 (Daily Classic S1), 0.8139 (Yesterday's Low), 0.8129 (Daily Classic S2) and 0.8119 (Daily Classic S3).
Regarding candlestick formations, we can see Hammer formation on the 4-hour .
Choosing between the Europeans
The 0.81 area of support may be the key for the pair for the medium-term, and only significant economic catalysts may help the pair to break below. The current week economic calendar is not a market moving one, however, better than expected British data still may help the pair move closer to the mentioned target. The strong CPI and retail sales data may remind the investors the UK growth is exceeding the EMU pace of recovery, and resume the demand on the pair. In this case the initial target may be at 0.8140 support followed by 0.8100.
What price levels and patterns have to be considered?
Current price is 0.8144, with resistance ahead at 0.8145 (Monthly Low), 0.8145 (Weekly Low), 0.8145 (Annual Low), 0.8145 (YTD Low) and 0.8151 (Daily Classic PP).
Support below can be found at 0.8142 (Daily Low), 0.8141 (Daily Classic S1), 0.8139 (Yesterday's Low), 0.8129 (Daily Classic S2) and 0.8119 (Daily Classic S3).
Regarding candlestick formations, we can see Hammer formation on the 4-hour .