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16 Jul 2015
EUR/GBP ignores Draghi’s upbeat comments on Eurozone economy
FXStreet (Mumbai) - The EUR/GBP continues to hover around 0.6975, as the common currency failed to gain an upper hand, despite Draghi sounded upbeat on the Eurozone economy.
Stuck at hourly 50-MA
The spot is having a hard time to rise above the hourly 50-MA currently located at 0.6988. An attempt was made immediately after Draghi said the economic recovery will continue to expand despite recent uncertainty in the markets. However, the pair failed to take out the resistance and fell back to 0.6975 levels.
Earlier today, the pair hit a near 8-year low of 0.6968. The pair could witness volatility as more comments from Draghi, especially on Grexit are expected to hit the wires.
EUR/GBP Technical Levels
The immediate support is located at 0.6945 (classic S2 pivot), under which spot could target 0.69 (psychological level). On the other hand, resistance is seen at 0.6987 (Jun. 28 low) and 0.7068 (July. 15 high).
Stuck at hourly 50-MA
The spot is having a hard time to rise above the hourly 50-MA currently located at 0.6988. An attempt was made immediately after Draghi said the economic recovery will continue to expand despite recent uncertainty in the markets. However, the pair failed to take out the resistance and fell back to 0.6975 levels.
Earlier today, the pair hit a near 8-year low of 0.6968. The pair could witness volatility as more comments from Draghi, especially on Grexit are expected to hit the wires.
EUR/GBP Technical Levels
The immediate support is located at 0.6945 (classic S2 pivot), under which spot could target 0.69 (psychological level). On the other hand, resistance is seen at 0.6987 (Jun. 28 low) and 0.7068 (July. 15 high).