EUR/GBP took another attempt to settle above 0.7950

By FXstreet.com | Updated August 08, 2014 AAA

FXStreet (Moscow) - EUR/GBP opened the day at 0.7937, rose to 0.7970, and retreated to 0.7960 by the moment.

If the market gets message

EUR/GBP had very big desire to rise on the yesterday’s ECB meeting, thus, even the absence of any bad news from Draghi the cross took as a chance to settle above 0.7950. However, the happiness didn’t last long, as the chairman made every attempt to convince the market there is nothing to be happy about, and there is no reason to buy the euro, especially against GBP and USD. Today the history repeated with stronger EMU data helping the euro to recover, and pushing the cross to 0.7970. But will we see the correction back again? If the market got Draghi’s message, another run lower with initial target at 0.7940 pivot point is not ruled out.

What are today’s key EUR/GBP levels?

Today's central pivot point can be found at 0.7940, with support below at 0.7922, 0.7906 and 0.7888 with resistance above at 0.7956, 0.7974, and 0.7990. Hourly Moving Averages are bullish, with the 200SMA at 0.7936 and the daily 20EMA flat at 0.7938. Hourly RSI is bullish at 63.

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