EUR/GBP trades down to 0.8250 in Asia
DATE: 17/04/2012
FXstreet.com (San Francisco) - After operating in consolidation mode for over 6 days, the EUR/GBP pair finally broke lower overnight to fresh 2012 lows, touching 0.8208 before regaining the upside to close on Monday at 0.8263, ending 0.2% above past Friday’s close.
Chris Capre at 2ndSkiesForex notes that the price action resulted in the forming a daily pin bar setup suggesting false break. So far this Tuesday, the cross is under slight pressure, having traded down to a session low of 0.8251 as it bounced from the strong resistance level in the 0.8265 area.
As the BabyPips.com FX-Men Team also explains from its technical perspective, “Stochastic is also hanging on the overbought zone,” suggesting there may be room to edge lower as the European session gets underway. EUR/GBP now trades at 0.8255. In the session ahead, a slew of economic data including March CPI and Retail Price Index data are risk events for GBP. POWERED BY: FXSTREET.COM NEWS
Chris Capre at 2ndSkiesForex notes that the price action resulted in the forming a daily pin bar setup suggesting false break. So far this Tuesday, the cross is under slight pressure, having traded down to a session low of 0.8251 as it bounced from the strong resistance level in the 0.8265 area.
As the BabyPips.com FX-Men Team also explains from its technical perspective, “Stochastic is also hanging on the overbought zone,” suggesting there may be room to edge lower as the European session gets underway. EUR/GBP now trades at 0.8255. In the session ahead, a slew of economic data including March CPI and Retail Price Index data are risk events for GBP. POWERED BY: FXSTREET.COM NEWS
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