Capital Trust
Capital Trust
images

Dec 03, 2016

04:48 AM EDT


  • New York close
  • London close
  • Tokyo close
  • Sydney close
Market Analysis

Home » Featured » EURGBP – Buyers Stepping In?

EURGBP – Buyers Stepping In?

Posted by FXTimes in Featured - November 9th, 2015 12:22 pm GMT

Greek_Flag_and_Euros_000017692476Small

Key Points

  • Euro managed to recover against the British Pound after the EURGBP pair fell towards 0.7100.
  • There is a critical bullish trend line formed on the hourly chart, which is helping buyers at the moment.
  • Euro Zone Sentix Investor Confidence was released today, which came in at 15.1 in November 2015, more than the forecast of 13.2.
  • German Trade Balance released by the Statistisches Bundesamt Deutschland posted a trade surplus of €19.4B in September, a bit less than the market expectation.

Technical Analysis

The EURGBP pair struggled a lot recently and traded lower towards the 0.7100 support area. The pair is currently recovering, as there is a bullish trend line formed on the hourly chart, which is supporting the pair for more gains.

EURGBP

The pair is also around the 50 and 200 hourly simple moving average, which is a sign that it is trading near a major swing area.

A break below the trend line and support area might a downside move in the EURGBP pair.

Euro Zone Sentix Investor Confidence

Earlier today in the Euro Zone, the Sentix Investor Confidence, which is a monthly survey which shows the market opinion about the current economic situation and the expectations for the next semester was released. The market was expecting a rise from the last reading to 13.2. However, the outcome was above the forecast, as the Sentix Investor Confidence came in at 15.1 in November 2015.

The report stated that “Neither signs of a seasonal depression of investors’ mood nor a November bias can be traced in the latest sentix data. With the exception of Austria, investors’ economic expectations rise for all major world regions”.

Overall, the highlighted trend line holds the key for the pair in the near term.

Share!Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+

No comments yet.

You must be logged in to post a comment.

Forex, Commodities, Indices

Daily Updates

Daily Updates


Get the latest fundamental analyses, technical analyses and the most up-to-date Forex news catered to your interests, everyday.