- Euro climbed vs the British Pound recently, but it found resistance near 0.7950.
- There was a downside move lately, as the EURGBP pair broke a bullish trend line formed on the hourly chart.
- The pair also settled below the 100 hourly SMA, which is now acting as a resistance for a recovery.
- Spanish Industrial Output released by the National Institute of Statistics posted an increase of 2.8% in March 2016, compared with March 2015.
The Euro surged higher this week against the British Pound until it found resistance near 0.7950. After facing a bearish pressure around the stated level, the EURGBP pair traded lower and broke a bullish trend line formed on the hourly chart.
The pair also closed below the 100 and 50 simple moving average, which is a sign of more losses. Selling rallies may be opted as long as the pair is below the 100 hourly SMA.
On the downside, the 76.4% Fib retracement level of the last leg from the 0.7842 low to 0.7947 high is acting as a support.
Spanish Industrial Output
There was no major release in the Euro Zone today. One low impact event was the Industrial Output, which shows the volume of production of Spanish industries such as factories and manufacturing was released by the National Institute of Statistics.
The market was aligned for an increase of around 2% in the volume of production of Spanish industries. The result was better, as there was a rise of 2.8% in the production. However, there was a minor revision for the last reading from 2.2% to 2.1%.
The Euro remained under a bearish pressure today, and may continue to trade down vs the British pound.