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21 Apr 2015
EUR/GBP testing lows near 0.7175 on German data
FXStreet (Mumbai) - The shared currency continued to underperform against the British pound in the European session; pushing EUR/GBP near fresh session lows, as markets continue to relentlessly sell euro after a big miss on the German economic sentiment numbers which disappointed markets.
EUR/GBP falls further on EZ data
Currently, the EUR/GBP cross trades -0.42% lower near fresh session lows at 0.7173 post data release. The cross in EUR/GBP remained deep in red after the shared currency came under additional pressure following mixed German ZEW surveys.
The German Economic Sentiment Index printed 53.3, edging lower from last month's 54.8, while the Current Situation Index skyrocketed to 70.2 in April from the prior 55.1.
Meanwhile, the main focus remains on Greece debt issues ahead of Friday’s Euro group meeting which continues to weigh on the euro.
On the other hand, the pounds also remains pressured against the US dollar amid UK election uncertainties and broadly stronger greenback, which helps limit losses in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7211 (Today’s High) and above which it could extend gains to at 0.7242 (April 14 High) levels. To the downside immediate support might be located at 0.7161 (April 16 Low) levels below that at 0.7152 (March 19 Low) levels.
EUR/GBP falls further on EZ data
Currently, the EUR/GBP cross trades -0.42% lower near fresh session lows at 0.7173 post data release. The cross in EUR/GBP remained deep in red after the shared currency came under additional pressure following mixed German ZEW surveys.
The German Economic Sentiment Index printed 53.3, edging lower from last month's 54.8, while the Current Situation Index skyrocketed to 70.2 in April from the prior 55.1.
Meanwhile, the main focus remains on Greece debt issues ahead of Friday’s Euro group meeting which continues to weigh on the euro.
On the other hand, the pounds also remains pressured against the US dollar amid UK election uncertainties and broadly stronger greenback, which helps limit losses in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7211 (Today’s High) and above which it could extend gains to at 0.7242 (April 14 High) levels. To the downside immediate support might be located at 0.7161 (April 16 Low) levels below that at 0.7152 (March 19 Low) levels.