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Alert - 15:50 (CET) - Euro hits historical highs against the Sterling
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The single currency is still hitting new highs against the Sterling for the fifth consecutive day, as the British economy is one of the biggest victims of the financial crisis, which the macro figures clearly show, which makes us predict more rate cuts by the BoE. On the opposite direction, some members of the ECB expressed that they are reluctant about further rate cuts in the future.
In this context, the single currency hit historical highs against the Sterling. The EurGpb is trading at 0.8927 Sterling per Euro, after having hit the 0.8944 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 62 points, near the overbought area. The volatility per hour could reach 140 pips.
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