The ECB jaw-boning yesterday has undermined the euro but it certainly hasn’t sent it plummeting.
The added GBP strength of the past 24 hours though has sent this pair to the bottom of the recent range again
There are still good bids between 0.8330-25 as per my orderboard and a quick glance at the chart tells you why. 0.8331 is the low post so far and now back to 0.8338 which is also putting a cap on further cable gains.
Should we get a clear break of 0.8320 I can see a test of 0.8300 and then 0.8285 in the current scenario but we’re still in the range so I’m not getting carried away here, and if anything would be buying around 0.8325 with a tight stop, before selling the break.
Resistance comes in at 0.8365 and 0.8380 ahead of the big 0.8400 area that failed to give way in the attack last week.
One to keep an eye on for sure given it’s impact on the core pairs.
I’m outta here now though so have a great session everyone. See you all tomorrow.
EURGBP H4 March 26
