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EUR/GBP hovers around Fib support, ignores EZ data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair trades around 0.7177 (38.2% of 0.7493-0.6981) levels; largely unaffected by the weaker-than-expected Eurozone Sentix investor confidence figure.

    EUR under pressure as stocks rally

    The common currency came under pressure as the stock markets across Europe strengthened. The pan-European Euro Stoxx 600 index advanced more than 1%. Consequently, the losses in the EUR/USD pair exceed those seen in the GBP/USD pair.

    Meanwhile, the Sentix investor confidence for December printed at 15.7, missing the estimate of 17.0. The weak data further added to the bearish pressure on the EUR.

    EUR/GBP Technical Levels

    At 0.7178, the immediate support is seen at 0.7177 (38.2% of 0.7493-0.6981), under which the pair could drop to 0.7145 (61.8% of 0.6931-0.7493). On the other hand, a convincing break above the confluence of 50-DMA, 100-DMA, 200-DMA seen in the range of 0.7195-0.7198 levels would open doors for a test of 0.7237 (Friday’s high+50% of 0.6931-0.7493).
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