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EUR/GBP could see a squeeze higher to 0.7075/0.7130 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis, the cross could attempt a rebound to the 0.7075/0.7130 area.

    Key Quotes

    EUR/GBP continues to hold above the new low at .6985. This new low has not been confirmed by the daily RSI, which has diverged”.

    “This is reflecting a loss of downside momentum and we note that the daily Elliott wave count is indicating a .7075/.7130 rally ahead of another leg lower”.

    “Above here initial resistance lies at .7196/98, the recent high, and major resistance continues to be seen at .7481 (this is the location of the 2013-2015 downtrend). We will maintain our bearish view while capped here”.
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