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14 Feb 2013
Forex: EUR/GBP finds support around 0.8590
The pair is suffering the weakness in the bloc currency and the sterling, dropping from today’s tops in the region of 0.8660/65 to lows in the area around 0.8590, where some buying interest showed up.
I.Spivak, Currency Strategist at DailyFX, suggested, “Prices broke above resistance at 0.8595, the 23.6% Fibonacci expansion. Buyers now target the 38.2% levels at 0.8687. The 0.8595 mark has been recast as support, with a reversal back below that aiming for the February 8 low at 0.8446”.
At the moment, the pair is down 0.66% at 0.8597 with the next support lying at 0.8572 (low Feb.13) ahead of 0.8541 (low Feb.12) and then 0.8535 (MA21d).
On the upside, a break above 0.8684 (high Feb.13) would accelerate the upside towards 0.8701 (high Feb.4) and then 0.8717 (2013 high Feb.1).
I.Spivak, Currency Strategist at DailyFX, suggested, “Prices broke above resistance at 0.8595, the 23.6% Fibonacci expansion. Buyers now target the 38.2% levels at 0.8687. The 0.8595 mark has been recast as support, with a reversal back below that aiming for the February 8 low at 0.8446”.
At the moment, the pair is down 0.66% at 0.8597 with the next support lying at 0.8572 (low Feb.13) ahead of 0.8541 (low Feb.12) and then 0.8535 (MA21d).
On the upside, a break above 0.8684 (high Feb.13) would accelerate the upside towards 0.8701 (high Feb.4) and then 0.8717 (2013 high Feb.1).