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10 Apr 2013
Forex: EUR/GBP climbs through early European session
FXstreet.com (Barcelona) - Having ranged through the overnight session, EUR/GBP has bounced this morning and is within range of the weekly high.
The pair, currently trading at 0.8549, made support during the Asian session around daily pivot point support at 0.8535, posting a low at 0.8529. It has since had a modest bounce to post a high at 0.8555, confirming yesterday´s high, but looks restricted by short term resistance at this level. Calendar wise, this morning has seen French Industrial Output come in at 0.7% against forecasts of 0.4%, while the Calendar adjusted Spanish equivalent continued its slump to -6.5% against forecasts of -*4.7% and a previous reading of -5.0%. Ahead in the the European calendar we have Italian Industrial Output, a short term German paper auction and Portuguese CPI. However, the main event of the day is the FOMC minutes at 19:00 GMT, and volume can be expected to remain subdued until then. Hourly MA´s are showing buy signals from the longer term measures, but for short term, signals are momentum is neutral. Hourly Stochastics are at 55 and moving with a touch of upside momentum, while RSI is at 59 and ranging.
The pair, currently trading at 0.8549, made support during the Asian session around daily pivot point support at 0.8535, posting a low at 0.8529. It has since had a modest bounce to post a high at 0.8555, confirming yesterday´s high, but looks restricted by short term resistance at this level. Calendar wise, this morning has seen French Industrial Output come in at 0.7% against forecasts of 0.4%, while the Calendar adjusted Spanish equivalent continued its slump to -6.5% against forecasts of -*4.7% and a previous reading of -5.0%. Ahead in the the European calendar we have Italian Industrial Output, a short term German paper auction and Portuguese CPI. However, the main event of the day is the FOMC minutes at 19:00 GMT, and volume can be expected to remain subdued until then. Hourly MA´s are showing buy signals from the longer term measures, but for short term, signals are momentum is neutral. Hourly Stochastics are at 55 and moving with a touch of upside momentum, while RSI is at 59 and ranging.