Euro faces selling pressure against British Pound as the risk sentiment improved amid better than expected UK employment data. The European cross has receded to two-day lows below 0.8800 area.
The cross gathered selling momentum after positive UK employment report published on the day. UK average earning including bonus rose to 3.4% for November while unemployment rate dropped to 4%.
On the other hand, German ZEW survey also came up with slightly positive figures but could not impress the Euro to trigger rally against the Pound.
Breaking 0.8790 support will open doors to tes 0.8720 followed by 0.8655. On the flip side, immediate resistance is at 0.8860 ahead of 0.8900 and then 0.8985.
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