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5 Oct 2015
EUR/GBP: door open for a test of 0.7482 – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross could be headed towards a visit of 0.7482.
Key Quotes
“EUR/GBP has rallied higher and starts this week with scope to re-challenge the .7482 May peak”.
“The market faces tough resistance which extends from here to .7542 (this is the location of the previous 43 year uptrend, which should now act as resistance). We should see failure here”.
“Minor support comes in around the 200 day moving average at .7285, but ideally we would like to see a close below the 55 day m.a at .7220 to negate upside pressure and refocus attention on the downside to the .6937 July low”.
Key Quotes
“EUR/GBP has rallied higher and starts this week with scope to re-challenge the .7482 May peak”.
“The market faces tough resistance which extends from here to .7542 (this is the location of the previous 43 year uptrend, which should now act as resistance). We should see failure here”.
“Minor support comes in around the 200 day moving average at .7285, but ideally we would like to see a close below the 55 day m.a at .7220 to negate upside pressure and refocus attention on the downside to the .6937 July low”.