EUR/GBP appears supported at 0.7125 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the European cross could find support around 0.7125.

    Key Quotes

    EUR/GBP last week executed a 50% retracement of the move down from October this is located at .7238 and reached the end of October high at .7250”.

    “It is indicated to be the end of the move (wave 4 on the daily chart) but this looks quite directional and intraday Elliott wave counts are suggesting that dips will hold .7125 ahead of anther leg up”.

    “Major resistance is not encountered until the 2013-2015 downtrend at .7460. We will maintain our longer term bearish view while capped here”.
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