10 Jun 2015
EUR/GBP scope for a test of 0.7243 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of a return to the 0.7240 region, where sits the 55-day MA.
Key Quotes
“EUR/GBP has again tested and continues to hold the 78.6% retracement at .7391. Failure here should see a slide back to the 55 day ma at 0.7243, which we suspect will hold for now. Below here will target .7127/23 (Fibo + 22nd April low)”.
“Resistance at .7391 is regarded as the last defence for the .7482 May peak”.
“We will neutralise our outlook for now as the move feels somewhat directional. Above .7482 will introduce potential to the .7685/94, the 38.2% retracement of the move down from 2013 and the 55 week ma”.
Key Quotes
“EUR/GBP has again tested and continues to hold the 78.6% retracement at .7391. Failure here should see a slide back to the 55 day ma at 0.7243, which we suspect will hold for now. Below here will target .7127/23 (Fibo + 22nd April low)”.
“Resistance at .7391 is regarded as the last defence for the .7482 May peak”.
“We will neutralise our outlook for now as the move feels somewhat directional. Above .7482 will introduce potential to the .7685/94, the 38.2% retracement of the move down from 2013 and the 55 week ma”.