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23 Feb 2015
German IFO drives EUR/GBP lower
FXStreet (Mumbai) - The disappointing German IFO data released today weakened the shared currency, thereby pushing the EUR/GBP cross lower to 0.7358 levels. The pair faced rejection at 0.74 levels earlier today.
EUR/GBP: falls below hourly 50-MA
The pair fell below the hourly 50-MA located at 0.7377 after the German IFO business climate index for February came-in at 106.8, missing the estimated 107.7. The expectations index printed at 102.5, missing the estimated 103.0, while the current assessment index printed at 111.3, missing the estimated 112.7.
Earlier today, the pair faced rejection at 0.74 levels, post which it fell below the hourly 200-MA as well as the 100-MA.
EUR/GBP Technical Levels
The immediate support is seen at 0.7356, under which losses could be extended to 0.7338. On the flip side, a rise above 0.7377 (hourly 50-MA) could see the pair re-test 0.7400 levels.
EUR/GBP: falls below hourly 50-MA
The pair fell below the hourly 50-MA located at 0.7377 after the German IFO business climate index for February came-in at 106.8, missing the estimated 107.7. The expectations index printed at 102.5, missing the estimated 103.0, while the current assessment index printed at 111.3, missing the estimated 112.7.
Earlier today, the pair faced rejection at 0.74 levels, post which it fell below the hourly 200-MA as well as the 100-MA.
EUR/GBP Technical Levels
The immediate support is seen at 0.7356, under which losses could be extended to 0.7338. On the flip side, a rise above 0.7377 (hourly 50-MA) could see the pair re-test 0.7400 levels.