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6 May 2015
EUR/GBP breaks above 0.74 on mixed EZ PMIs
FXStreet (Mumbai) - The shared currency outperforms the British pound in the European morning; driving EUR/GBP to fresh session highs above 1.74 barrier, on the release of mixed set of EZ services PMI readings, while sterling remains cautious ahead of UK services PMI.
EUR/GBP lifted by mixed EZ data
Currently, the EUR/GBP cross trades 0.70% higher at fresh session highs at 0.7418, finally breaching the key 0.7400 resistance. The cross in EUR/GBP accelerated gains largely as tge shred currency remains lifted despite mixed services PMI reports, as Germany’s service sector decelerated slightly in April, however, the EMU services sector show a slid pace of expansion which supported the single currency.
On the other hand, the pound trades broadly muted amid cautious trades ahead of UK services PMI report due out shortly which also added to the gains in the EUR/GBP cross. The UK services PMI in April is seen ticking slightly down to 58.6 from the 58.9 booked in the previous cycle.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 (Feb 20 High) and above which it could extend gains to at 0.7456 (Feb 12High) levels. To the downside immediate support might be located at 0.7368 (Today’s Low) levels below that at 0.7331 (April 6 Low) levels.
EUR/GBP lifted by mixed EZ data
Currently, the EUR/GBP cross trades 0.70% higher at fresh session highs at 0.7418, finally breaching the key 0.7400 resistance. The cross in EUR/GBP accelerated gains largely as tge shred currency remains lifted despite mixed services PMI reports, as Germany’s service sector decelerated slightly in April, however, the EMU services sector show a slid pace of expansion which supported the single currency.
On the other hand, the pound trades broadly muted amid cautious trades ahead of UK services PMI report due out shortly which also added to the gains in the EUR/GBP cross. The UK services PMI in April is seen ticking slightly down to 58.6 from the 58.9 booked in the previous cycle.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 (Feb 20 High) and above which it could extend gains to at 0.7456 (Feb 12High) levels. To the downside immediate support might be located at 0.7368 (Today’s Low) levels below that at 0.7331 (April 6 Low) levels.