Monday, November 9, 2015

EUR/GBP testing 0.7140, German data eyed

FXStreet (Edinburgh) - Both the sterling and the single currency are trading in a sideline pattern at the end of the Asian session on Monday, taking EUR/GBP to the area of 0.7140.

EUR/GBP attention to risk, data

The cross is slowly recovering from Friday’s post-NFP lows, managing to clinch the upper bound of the range near 0.7150 ahead of the opening bell in Euroland. Poor results from the Chinese trade balance released yesterday are expected to weigh on European equities although their effects on the FX space seem somewhat limited so far.

On the data front, German Trade Balance figures and Current Account results are next on tap, followed by EMU’s Investor Confidence tracked by the Sentix index.

EUR/GBP relevant levels

As of writing the cross is up 0.04% at 0.7142 with the next resistance at 0.7205 (100-day sma) followed by 0.7232 (200-day sma) and then 0.7267 (50% Fibo of 0.7496-0.7038). On the flip side, a drop below 0.7038 (low Nov.5) would expose 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17).
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