EUR/GBP falls to 2-week lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP broke below previous lows and dropped to 0.7919, hitting the lowest in two weeks. Earlier the pair climbed to 0.7993, the highest in six days, before turning to the downside.

    The pound is among the top performers, making an important recovery in the market. GBP/USD is trading at daily highs near 1.4300 while EUR/USD remains in positive territory but modestly higher for the day holding slightly above 1.1300.

    EUR/GBP extends retreat

    The pair continues to correct lower from multi-year highs that hit earlier in April above 0.8100. From the top at 0.8118 (April 7) the pair has fallen 200 pips, erasing all April’s gains.

    The euro is about to suffer the sixth daily loss out of the last seven days and is about to post a daily close below the 20-day moving average for the first time in a month.

    EUR/GBP technical levels

    To the downside support levels might lie at 0.7910 (Mar 17 & 25 high), 0.7875 and 0.7825/30 (Mar 29 & 30 low). On the opposite direction, resistance might be seen at 0.7935 (Apr 15 low), 0.7995 (daily high) and 0.8025/30 (Apr 12 high).
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