FxWirePro: EUR/GBP bounces back from lows of 0.7039
EUR/GBP bulls flexed muscles and is trading near to yesterday's close at 0.7067 levels. It faces strong support at 0.7028 levels (20 DMA)and a break below could further weaken the pair to 0.6963 levels. ZEW economic sent…
EUR/GBP bulls flexed muscles and is trading near to yesterday's close at 0.7067 levels.
It faces strong support at 0.7028 levels (20 DMA)and a break below could further weaken the pair to 0.6963 levels.
ZEW economic sentiment for Germany and the Eurozone scheduled later in the day will provide further direction to the pair. Market consensus points to an improvement for both Germany (forecast: 31.7, previous 29.7) and the Eurozone (forecast 43.9, previous 42.7).
The improvement in the ZEW data is expected to keep EUR boosted and could take the pair above 0.7080 levels (kijun sen).
Resistance Levels:
R1: 0.7095 (Daily High Aug 7) R2: 0.7107 (55 EMA) R3: 0.7160 (Daily High Jun 27)
