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5 May 2015
EUR/GBP back to 100-DMA
FXStreet (Mumbai) - The EUR/GBP pair recovered losses to trade at its 100-DMA located at 0.7350 levels, as the EUR shrugged off the early wobble on upbeat economic forecasts from the European Commission (EC).
EUR/GBP offered around hourly 50-MA
Fresh offers were seen around the hourly 50-MA located at 0.7364 levels. The EUR was buoyed by the upward revision of the Eurozone and German growth forecasts. The downward revision of the Greece’s growth forecasts was largely expected and thus ignored by the markets.
Meanwhile, the British Pound is under pressure due to election uncertainty ahead of the May. 7 elections.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7364 (hourly 50-MA), above which it could meet its next hurdle at 0.7387. On the other hand, a break below 0.7333 could drive the pair lower to 0.7290 (hourly 100-MA).
EUR/GBP offered around hourly 50-MA
Fresh offers were seen around the hourly 50-MA located at 0.7364 levels. The EUR was buoyed by the upward revision of the Eurozone and German growth forecasts. The downward revision of the Greece’s growth forecasts was largely expected and thus ignored by the markets.
Meanwhile, the British Pound is under pressure due to election uncertainty ahead of the May. 7 elections.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7364 (hourly 50-MA), above which it could meet its next hurdle at 0.7387. On the other hand, a break below 0.7333 could drive the pair lower to 0.7290 (hourly 100-MA).