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EUR/GBP deep in the red, eyes hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the GBP keeps growing bigger, knocking-off EUR/GBP to fresh session lows and extends the declines towards the 0.74 handle.

    EUR/GBP drops further from 0.7445

    Currently, the EUR/GBP pair trades -0.44% to 0.7429, having struck fresh session lows at 0.7423 in last minutes. The EUR/GBP cross accelerates losses, failing to withstand the hourly 50-SMA located at 0.7436 levels, as the pound smashes the European currency in a delayed reaction to the mixed UK labour market report.

    Moreover, the EUR/USD pair eased-off multi-week highs and now tests 1.14 to the downside as the risk-off tone appears to cool-off amid stabilizing European indices.

    In absence of any relevant macro news in the EUR calendar now, focus shifts towards the NY session for further momentum.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7496/0.7500 (Oct 13 High & psychological barrier), above which it could extend gains to 0.7556 (daily R2) and further towards 0.7616 (daily R3). To the downside immediate support might be located at 0.7410/04 (hourly 100-SMA & daily S1) below that 0.7384 (20-DMA) and from there to 0.7326 (50-DMA).
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