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Alert - 18:00 (CET) - Euro hits historical highs against the Sterling
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The single currency is still climbing against the Sterling, as the British economy was one of the biggest victims of the financial crisis, which the macro figures clearly show, which prompted the BoE to put the rug back on the deflationary risks. On the opposite direction, some member of the ECB expressed that they are against further rate cuts in the future.
In this context, the single currency hit historical highs against the Sterling. The EurGpb is trading at 0.8888 Sterling per Euro, after having hit the 0.8909 high. Checking the hourly graphics, we see that the 20- and 50-day EMA are over the 200-day EMA.
The supports are set at 0.8235 (November 28th low), with further support at 0.8000 (November 6th low) and 0.7810 (October 31st,2008 low). After breaking the 0.8800 (key) resistance, the traders are now watching the psychological barrier at 0.9000 (key). The 60-minute RSI is at 68 points, near the overbought area. The volatility per hour could reach 160 pips.
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