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23 Apr 2013
Forex: EUR/GBP struggles to retrace morning decline
FXstreet.com (Barcelona) - Having spiked to post a high at 0.8568 this morning following better than expected French PMI, spot crashed as Germany missed PMI expectations.
The pair slide to post a low at 0.8512, just above daily S2 support at 0.8507. having made support at the low, spot bounced on weaker than expected US Manufacturing PMI which came in at 52 against forecasts of 54, to trade at 0.8539, before succumbing to the prevailing downside sentiment and easing lower to where it is currently trading at 0.8523. Hourly MA´s are indicating downside momentum, while stochastics are at 20, having turning in oversold territory. RSI is at 40 and range bound.
The pair slide to post a low at 0.8512, just above daily S2 support at 0.8507. having made support at the low, spot bounced on weaker than expected US Manufacturing PMI which came in at 52 against forecasts of 54, to trade at 0.8539, before succumbing to the prevailing downside sentiment and easing lower to where it is currently trading at 0.8523. Hourly MA´s are indicating downside momentum, while stochastics are at 20, having turning in oversold territory. RSI is at 40 and range bound.