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EUR/GBP ignores upbeat EZ industrial production data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the EUR failed to improve after the upbeat Eurozone industrial production release, leaving the EUR/GBP largely unaffected around 0.7225 levels.

    Hovers above hourly 50-MA

    The cross currently sits above its hourly 50-MA located at 0.7222 levels. The EUR/GBP cross advanced in early Europe to a high of 0.7233 before trimming gains on account of the risk-on tone in the European equities.

    The EZ industrial production bettered estimates to print at 0.6% m/m and 1.9% y/y. But, the upbeat number was ignored by the markets.

    EUR/GBP Technical Levels

    At 0.7227, the immediate resistance is seen at 0.7237 (50% of 0.7493-0.6981), above which the gains could be extended to 0.7278 (38.2% of 0.6931-0.7493). On the other hand, a break below 0.7212 (50% of 0.6931-0.7493) would expose 50-DMA at 0.7191.
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