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EUR/GBP Price Nears Short-Term Support, Fractious Eurozone Negotiations Continue

EUR/GBP Price Nears Short-Term Support, Fractious Eurozone Negotiations Continue

Nick Cawley, Strategist

EUR/GBP News, Price and Analysis:

  • Eurozone ministers still at loggerheads over crucial rescue package.
  • EUR/GBP eyeing support as liquidity thins ahead of Easter break.
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Tetchy Eurozone Rescue Talks Ongoing

Divisions within the Eurozone continue to thwart a critical coronavirus rescue plan putting the existence of the European Union at risk, according to some member states. The Spanish agriculture minister, Luis Planas, warned ‘ this is a crucial issue on which the European Union’s future is at stake’, while Italian Prime Minister Giuseppe Conte said in a BBC interview that the risks to the European Union ‘are real’. Italy are one of a group of member states, including France and Spain, seeking the issuance of coronavirus bonds to combat the virus, while Germany and the Netherlands are vetoing any kind of joint-issuance of bonds that leave them on the hook for other member states debt. Talks continue and the outcome will have a notable impact on the Euro.

EUR/GBP recently bounced off a support zone between 0.8740 and 0.8747, made up of a double monthly low on April 2/3 and the 61.8% Fibonacci retracement level of the February 18-March 19 twelve point rally. The pair are also sitting on the 50-day moving average, an indicator that held firm when tested yesterday. Thin liquidity conditions are likely to keep the pair in check but a break lower cannot be discounted, especially if the EU leaders are unable to find a compromise or if any decision announced is seen as a short-term fudge. Volatility levels, using ATR, remain high.

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EUR/GBP Daily Price Chart (October 2019 - April 9, 2020)

euro against the british pound price chart
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EUR/GBP – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.