2 Jul 2015
EUR/GBP: Headed for 0.7206 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding EUR/GBP.
Key Quotes:
"EUR/GBP has recently charted a key day reversal from the base of the 0.6985 6 year down channel. This was our medium downside target. Intraday Elliott wave counts are suggesting that we allow for recovery to the 55 day ma at 0.7206 but I have little beyond that."
"Dips lower will find minor support at 0.7080/60 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low. Above 0.7212 will allow for a deeper recovery to the 0.7314 2015 resistance line."
Key Quotes:
"EUR/GBP has recently charted a key day reversal from the base of the 0.6985 6 year down channel. This was our medium downside target. Intraday Elliott wave counts are suggesting that we allow for recovery to the 55 day ma at 0.7206 but I have little beyond that."
"Dips lower will find minor support at 0.7080/60 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low. Above 0.7212 will allow for a deeper recovery to the 0.7314 2015 resistance line."