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EUR/GBP off lows as stocks turn red

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair recovered slightly from its daily low as stock markets in Europe turned red, thereby pushing the US index futures lower.

    EUR bid in the US session

    The bid tone on the EUR improved in the early US session in line with the recovery in other funding and safe haven assets. Moreover, the losses in the commodity prices eventually weighed over the European stock markets and pushed the S&P futures lower by 0.4%.

    However, the recovery is extremely weak as German 10-yr yields pared gains. The pair now trades around 0.7324, compared to the European session low of 0.7305 levels.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7301 (50-DMA), under which the pair could test 0.7278 (38.2% of 0.6930-0.7492). On the other side, resistance is seen at 0.7333 (Oct 7 low) and 0.7360 (23.6% of 0.6930-0.7492).
    For more information, read our latest forex news.
     

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