Signs of exhaustion apparent in GBP/JPY

Gerard Sentís

FXStreet (Mumbai) - The EUR/USD pair remains stuck below the hourly 200-MA at 1.0922 amid a mixed action in the European stock markets.

Stuck in a 20-pip range

A spike to 1.0939 ran out of steam in the NY session and the pair fell back below the hourly 200-MA. Since then, the pair has been restricted in the 20-pip range of 1.09-1.0920 levels. The upbeat German data released earlier today did little to improve the bid tone on the EUR.

Meanwhile, the mixed action in the European equities too is unable to trigger a breakout in the EUR/USD pair. The investors now await the US third quarter GDP due later today.

EUR/USD Technical Levels

At 1.0920, the immediate resistance is seen at 1.0922 (hourly 200-MA), above which the pair could test 1.1006 (50% of 1.1495-1.0517). On the other hand, a break below 1.0894 (50-DMA)-1.0890 (38.2% of 1.1495-1.0517) could open doors for a drop to 1.0803 (Dec 17 low).

Author

Gerard Sentís

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