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EUR/GBP finds support in weak stocks

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP has moved off the lows to trade around 0.7412 levels as the losses in the European stocks saw the cable trim gains.

    EUR upbeat on losses in equities

    The EUR has been to stay resilient due to a 0.10% drop seen in the pan-European blue chip Euro Stoxx 50 index. The EUR/USD pair now trades around its daily high at 1.1381. Meanwhile, the GBP/USD pair fell back to 1.5355 from the high of 1.5367.

    Consequently, the EUR/GBP recovered slightly from its daily low of 7402.00. Given the empty Euroland economic calendar, the pair could continue to track the movement in the European equities.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7438 (inverted head and shoulder neckline), above which the spot could target 0.7483 (May 7 high) – 0.7500 levels. On the other side, support is seen at 0.74, under which the losses could be extended to 0.7333 (Oct 7 low) and 0.7272 (200-DMA).
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