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11 Mar 2015
EUR/GBP drops to fresh 8-yr lows ahead of 0.70
FXStreet (Mumbai) - The shared currency continues to gets hammered by the pound during the European session, knocking off EUR/GBP to fresh eight year lows after Draghi’s pro-growth comments failed to lift the euro.
EUR/GBP testing 0.70 handle
Currently, the EUR/GBP cross traded lower by -1.15% at fresh multi-year lows of 0.7017 levels. The cross in EUR/GBP was heavily sold-off following a speech from European Central Bank (ECB) President Mario Draghi in Frankfurt, which failed to stop the euro bears.
Moreover, downbeat UK manufacturing and industrial production data also failed to provide any respite to the falling EUR/GBP.
As of writing, GBP/USD trades flat at 1.5054 levels, while EUR/USD trades lower by -1.24% at 1.0563.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 0.7050 and above which it could extend gains to at 0.7100 levels. To the downside immediate support might be located at 0.7000 levels below that at 0.6980 (2007 levels) levels.
EUR/GBP testing 0.70 handle
Currently, the EUR/GBP cross traded lower by -1.15% at fresh multi-year lows of 0.7017 levels. The cross in EUR/GBP was heavily sold-off following a speech from European Central Bank (ECB) President Mario Draghi in Frankfurt, which failed to stop the euro bears.
Moreover, downbeat UK manufacturing and industrial production data also failed to provide any respite to the falling EUR/GBP.
As of writing, GBP/USD trades flat at 1.5054 levels, while EUR/USD trades lower by -1.24% at 1.0563.
EUR/JPY Levels to consider
To the upside, the next resistance is located at 0.7050 and above which it could extend gains to at 0.7100 levels. To the downside immediate support might be located at 0.7000 levels below that at 0.6980 (2007 levels) levels.