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2 Mar 2015
EUR/GBP little changed after EZ PMIs
FXStreet (Mumbai) - EUR/GBP remains elevated below 0.7300 levels in the European session, having rebounded sharply from fresh seven year lows, after the latest euro zone manufacturing PMIs readings failed to spur volatility and support the euro.
EUR/GBP trades around 5-DMA
The EUR/GBP pair edges higher by 0.28% near fresh session highs of 0.7273 levels, rebounding from fresh seven year lows posted at 0.7240 levels. EUR/GBP held gains and hovers near session highs after upbeat German and EMU PMI data left the markets unimpressed.
The final manufacturing PMI for the euro zone came in at 51.0 points in February, same as the January's 6-month high, and remaining in expansion territory for 20 straight months, while the German PMI jumped to 51.1, from 50.9.
On the other hand, the cross remains supported largely on the back of GBP weakness against US dollar as traders now await UK Manufacturing PMI data due for release shortly.
At the moment, GBP/USD trades lower by -0.27% at 1.5396, while EUR/USD trades flat at 1.1195 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7319 (10-DMA) levels. To the downside immediate support might be located at 0.7240 and below that at 0.7200 (2007 lows) levels.
EUR/GBP trades around 5-DMA
The EUR/GBP pair edges higher by 0.28% near fresh session highs of 0.7273 levels, rebounding from fresh seven year lows posted at 0.7240 levels. EUR/GBP held gains and hovers near session highs after upbeat German and EMU PMI data left the markets unimpressed.
The final manufacturing PMI for the euro zone came in at 51.0 points in February, same as the January's 6-month high, and remaining in expansion territory for 20 straight months, while the German PMI jumped to 51.1, from 50.9.
On the other hand, the cross remains supported largely on the back of GBP weakness against US dollar as traders now await UK Manufacturing PMI data due for release shortly.
At the moment, GBP/USD trades lower by -0.27% at 1.5396, while EUR/USD trades flat at 1.1195 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7319 (10-DMA) levels. To the downside immediate support might be located at 0.7240 and below that at 0.7200 (2007 lows) levels.