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- EUR/GBP maintains its near-term bullish trend intact, with 0.8700 support capping bears.
- Upbeat Eurozone manufacturing data provided some support to the Euro on Wednesday.
- The pair is likely to meet significant resistance at the 0.8740-0.8750 area.
EUR/GBP’s reversal from one-month highs at 0.8740 found buyers right above 0.08700 on Wednesday, and the pair has trimmed losses on Thursday, returning to the 0.8720 area at the time of writing.
The Euro (EUR) seems to be faring better than the British Pound (GBP) amid the risk-averse market mood, and keeps the bullish bias from mid-March lows intact. The positive Eurozone manufacturing data provided some support for the common currency on Wednesday, while UK factory activity failed to convince investors.
Technical Analysis: Resistance at the 0.8740-08750 area
The 4-hour chart shows EUR/GBP trading at 0.8724 amid a mildly bullish near-term bias. The Relative Strength Index stays above 60, indicating sustained upside momentum, although the bearish cross of the Moving Average Convergence Divergence (MACD) line suggests that upside pressure might be fading.
The pair is likely to require some extra impulse to extend its rally beyond the resistance area between 0.8740, where bulls were capped on March 3, 31, and April 1, and the 78.2% Fibonacci retracement of the early March reversal, at 0.8752. A confirmation above these levels would bring the year-to-date high, at the 0.8790 area, back to the focus.
To the downside, bears would need to breach Wednesday’s low, at 0.8704, and the March 31 low, at 0.8676, to negate the bullish view.
Euro Price Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the British Pound.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.51% | 0.71% | 0.49% | 0.25% | 0.64% | 0.63% | 0.63% | |
| EUR | -0.51% | 0.21% | -0.04% | -0.28% | 0.15% | 0.14% | 0.09% | |
| GBP | -0.71% | -0.21% | -0.23% | -0.48% | -0.05% | -0.05% | -0.12% | |
| JPY | -0.49% | 0.04% | 0.23% | -0.24% | 0.15% | 0.14% | 0.10% | |
| CAD | -0.25% | 0.28% | 0.48% | 0.24% | 0.39% | 0.38% | 0.34% | |
| AUD | -0.64% | -0.15% | 0.05% | -0.15% | -0.39% | -0.01% | -0.08% | |
| NZD | -0.63% | -0.14% | 0.05% | -0.14% | -0.38% | 0.01% | -0.05% | |
| CHF | -0.63% | -0.09% | 0.12% | -0.10% | -0.34% | 0.08% | 0.05% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
41, with a break higher exposing 0.8800 and then 0.8863. On the downside, initial support comes in at 0.8705, followed by the 61.8% retracement at 0.8721 turning into a pivot area if broken, while the 38.2% retracement at 0.8680 aligns with prior price congestion as the next key floor. A deeper pullback would bring 0.8677 into view, where a failure to hold would signal that the current bullish phase is losing traction.
