FXstreet.com (Barcelona) - The Euro has bounced up from support level at 0.8820 on Friday reaching levels immediate below 0.9000. Important resistance area lays between 0.9000 and 0.9075, below 0.9197.
On the downside break of support level at 0.8800 could take the pair down to fresh lows, as selling pressure would increase, according to John Harding, technical analyst at Saxo Bank: EURGBP saw a very interesting pivot yesterday, as the pair found strong resistance right at the key 55-day moving average. The outlook is bearish below this level, but the situation is muddled a bit by the move back above 0.8800, which was the old low. If the pair works its way below recent lows, we could be launching an attack at the 200-day moving average, currently down below 0.8300. Just as we are going to publish, Lloyds announced further problems (7 billion pounds of impairments - worse than expected) at HBOS.