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Forex: EUR/GBP declines off morning high

By FXstreet.com,  January 11, 2013, 03:46:00 AM EDT

FXstreet.com (Barcelona) - Having climbed to 0.8218 this morning following yesterday´s Draghi led spike in EUR pairs, EUR/GBP has declined into the European session.

Spot found daily Fibonacci R1 resistance at 0.8216 this morning and has pushed lower into the European session. Spot is currency finding some short term resistance at the hourly 20 MA while RSI is at 60 and moving with downward momentum. Calendar wise, the overnight session saw generally bullish Chinese inflation figures, improving Japanese economic survey results and soft Spanish Industrial Output and Swiss CPI numbers. Ahead this morning we have an Italian 3 year bond auction which may come under some focus after the Spainish auction set the precedent for yesterday´s Draghi move. At 09:30 GMT we have UK Industrial Production and Manufacturing production and a 10 year bond action.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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