The euro is showing strength against a softer pound on Monday and paring some of its losses after a roughly 0.8% decline over the past two weeks. The pair reached session highs above 0.8780 at the start of the European session, after bouncing at the 0.8745 area on Friday.
The pair extended losses last week, with the pound rising after the high-tax UK budget eased investor concerns about UK public finances. However, the euro got some support from flat German consumer inflation numbers and maintained a steady tone on Monday, with all eyes on the final euro zone manufacturing PMI.
Technical Analysis: The price is bouncing from the 0.8740 support area
The technical picture shows that the pair is under increasing upward pressure after finding support at the 61.8% Fibonacci retracement level of the late October to early November rally at 0.8742. The Relative Strength Index (RSI) on the 4-hour frame is rising above its 50 line, and the Moving Average Convergence Divergence (MACD) is trending higher above its signal line, highlighting the growing positive momentum.
The pair may encounter resistance at the previous support level near 0.8795 (November 11, 17 and 20 lows), before a set of resistance between 0.8820 and 0.8830, where the reverse trend line intersects the November 24 and 26 lows, then the November 14 high at 0.8865.
Support levels lie at Friday’s low of 0.8748 and the aforementioned Fib retracement level of 0.8742, ahead of the area between the October 27 low of 0.8720 and the 78.6% Fib retracement level of the late October high of 0.8710.
(This story was corrected on December 1 at 09:36 GMT to say that EUR/GBP could meet final resistance at the November 14 high of 0.8865, not 0.8765.)
Euro price today
The table below shows the percentage change of the Euro (EUR) against the major currencies listed today. The euro was the strongest against the British pound.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.14% | 0.14% | -0.57% | 0.04% | -0.03% | -0.02% | -0.09% | |
| euro | 0.14% | 0.27% | -0.40% | 0.17% | 0.10% | 0.10% | 0.04% | |
| GBP | -0.14% | -0.27% | -0.66% | -0.10% | -0.17% | -0.16% | -0.22% | |
| JPY | 0.57% | 0.40% | 0.66% | 0.57% | 0.48% | 0.49% | 0.43% | |
| Canadian | -0.04% | -0.17% | 0.10% | -0.57% | -0.08% | -0.07% | -0.13% | |
| Australian dollar | 0.03% | -0.10% | 0.17% | -0.48% | 0.08% | 0.00% | -0.05% | |
| New Zealand dollar | 0.02% | -0.10% | 0.16% | -0.49% | 0.07% | -0.01% | -0.06% | |
| Swiss franc | 0.09% | -0.04% | 0.22% | -0.43% | 0.13% | 0.05% | 0.06% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select EUR from the left column and move along the horizontal line to USD, the percentage change displayed in the box will represent EUR (base)/USD (quote).
