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EUR/GBP ignores German data, stays around 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The German trade balance figure was ignored by the EUR/GBP cross as it continues to trade around 10-DMA located at 0.7141 levels.

    Gains capped at key Fib

    The upside in the pair was capped at 0.7148 (23.6% of Oct high-Nov low) earlier today, following which the pair consolidated above the hourly 200-MA located at 0.7139. The German exports and imports printed higher than estimates, but the surplus missed the estimates to print at EUR 19.4 billion.

    Ahead in the day, the action in the European equity markets is likely to guide the trading in the EUR/GBP cross.

    EUR/GBP Technical Levels

    At 0.7141, the immediate resistance is located at 0.7148 (23.6% of Oct high-Nov low), above which the pair could target 0.7197 (Friday’s high). On the other hand, a break below the hourly 200-MA at 0.7139 could open doors for a re-test of 0.71 handle.
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