The pair EUR/GBP retreated during the american session and erased all of the gains. The pair traded at 0.8415/20, slightly above the lows of the session in Asia.
EUR can not be maintained
The euro jumped today after the publication of the inflation data in the Eurozone, which showed higher figures than expected. The pair EUR/GBP reached a high of 0.8461. The recent low has been above 0.8410 (minimum daily). The pair is bullish in comparison with the level it closed a week ago. It still has a gap upward (between the closing price of last Friday and the opening weekly). The euro opened the week with a sharp rise after the French presidential elections.
The pair EUR/GBP is testing the area of short-term support at 0.8410, and a break lower would expose 0.8400. Below, the pair could attempt to close the gap mentioned above with a decline to 0.8370.
The key support for the medium term could see around 0.8300. In the opposite direction, resistance could be located at 0.8460 (daily maximum/minimum of 17 April), 0.8510 (minimum of 6/24-April) and 0.8530 (maximum weekly).