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20 Sep 2013
EUR/GBP breaking resistance for new highs
FXstreet.com (London) - EUR/GBP has made further advances in the wake of consolidation in the USD.
EUR has been most resilient in the EUR/GBP cross to the dollars come back post the shock waves and subsequent price action in the Fed’s decision while the dollar now starts to consolidate. As research teams at TD Securities put it, “The USD has steadied as markets reassess the Fed outlook. By stressing the data-dependency mode, the USD is likely to be increasingly sensitive to the data outcomes in the next few weeks. The broader USD trend looks soft but, with the Fed still expected to taper in the next few months, scope for extended losses seems limited from here”. Over the weekend, risk for the Euro lies in the German elections on Sunday. "The more significant risk for the EUR though is that the ‘anti-euro’ AfD party gains representation in the parliament", explained TD Securities research teams.
EUR/GBP Levels
The 20 DMA is .8469, the 50 DMA is .8558 and the 200 DMA is .8501. RSI (14) reads 65.15. Supports are ascending from .8353, .8370, .8399 and .8411. Spot is .8441 while resistances are at .8465, .8488, .8505 and .8520.
EUR has been most resilient in the EUR/GBP cross to the dollars come back post the shock waves and subsequent price action in the Fed’s decision while the dollar now starts to consolidate. As research teams at TD Securities put it, “The USD has steadied as markets reassess the Fed outlook. By stressing the data-dependency mode, the USD is likely to be increasingly sensitive to the data outcomes in the next few weeks. The broader USD trend looks soft but, with the Fed still expected to taper in the next few months, scope for extended losses seems limited from here”. Over the weekend, risk for the Euro lies in the German elections on Sunday. "The more significant risk for the EUR though is that the ‘anti-euro’ AfD party gains representation in the parliament", explained TD Securities research teams.
EUR/GBP Levels
The 20 DMA is .8469, the 50 DMA is .8558 and the 200 DMA is .8501. RSI (14) reads 65.15. Supports are ascending from .8353, .8370, .8399 and .8411. Spot is .8441 while resistances are at .8465, .8488, .8505 and .8520.