Mar. 3, 2021
Euro/Pound today at a glance – light red, mostly flat: EUR/GBP ranging between 0.8668 and 0.8641 and is now at 0.8644. United Kingdom Composite PMI data will be released today at 9:30 AM, with an expected decline to 49.8. Euro/Pound reaction to indicator information will follow. (Start trading Euro/Pound at FXTM today).
Euro/Pound technical analysis picture ahead of data: The chart visual study suggests Euro/Pound might start to recover soon because it is getting close and is now only 39 pips from the support line at 0.8604, Obviously, dipping below it could be an indication that further losses are ahead. In terms of trend indicators, we can see that at 0.8644, Euro/Pound made an initial breakout below the 5 day Simple Moving Average, an indication of a negative trend.
Overall, the technical analysis suggests Euro/Pound is neutral for the immediate future, with no clear-cut direction.
As the market gets ready for data release – HANG SENG INDEX gained 2.54%, currently at 29,836 SSE gained 1.95%, currently at 3,577
Earlier data releases related to Euro/Pound – Euro Zone's Consumer Price Index published yesterday at 10:00 AM came out at 0.9. The indicator value matched both the projected value and the previous data of 0.9. Germany's Unemployment Change fell short of the -13,000 projection at 9,000 and continued its downward trajectory from the previous figure of -37,000.
Coming for Euro/Pound – United Kingdom Construction PMI is projected to outperform last figure with 51, while it previously stood at 49.2, data will be released tomorrow at 9:30 AM. The United Kingdom's Annual Budget Release is scheduled today at 12:30 PM.
Euro/Pound social media highlights:
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