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5 Apr 2013
Forex: EUR/GBP eases back into range
FXstreet.com (Barcelona) - Despite volatile price action yesterday in and around the BoE and ECB meets, EUR/GBP has moved back into the range that it has held for the most part of the week so far.
The pair has declined into the European session, posting a low at 0.8477 and looks to have found support, climbing gently to where it is currently trading at 0.8486 just above the daily pivot point at 0.8483. Price is receiving a touch of near term support from the hourly 20 MA which sits at 0.8483 ahead of today´s key European data, namely EU GDP and Retail Sales at 10:00 GMT and German Factory Orders at 11:00 GMT. Needless-to-say however, the headline event remains US NFPs at 13:30 GMT and price action may be relatively subdued beforehand. Hourly RSI sits at 51 and looks neutral of directional sentiment.
The pair has declined into the European session, posting a low at 0.8477 and looks to have found support, climbing gently to where it is currently trading at 0.8486 just above the daily pivot point at 0.8483. Price is receiving a touch of near term support from the hourly 20 MA which sits at 0.8483 ahead of today´s key European data, namely EU GDP and Retail Sales at 10:00 GMT and German Factory Orders at 11:00 GMT. Needless-to-say however, the headline event remains US NFPs at 13:30 GMT and price action may be relatively subdued beforehand. Hourly RSI sits at 51 and looks neutral of directional sentiment.