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4 Jun 2014
EUR/GBP bearish below 0.8162/92 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bearish outlook remains in place while the trade is below the 0.8162/92 region.
Key Quotes
“EUR/GBP has shot higher and remains upside corrective”.
“Both Elliott wave counts on the 60 minute chart and the daily charts imply we will have one more upside attempt prior to failure”.
“Rallies will have no impact whatsoever while capped by .8162/92, the end of February low and the 2 month downtrend and are indicated to terminate in this zone”.
“Beyond the rebound, the focus remains on the 2010 low at .8067. Our target remains 0.7983, the 78.6% retracement of the move from 2012”.
Key Quotes
“EUR/GBP has shot higher and remains upside corrective”.
“Both Elliott wave counts on the 60 minute chart and the daily charts imply we will have one more upside attempt prior to failure”.
“Rallies will have no impact whatsoever while capped by .8162/92, the end of February low and the 2 month downtrend and are indicated to terminate in this zone”.
“Beyond the rebound, the focus remains on the 2010 low at .8067. Our target remains 0.7983, the 78.6% retracement of the move from 2012”.