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EUR/GBP door open for a corrective upside? – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 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 at Commerzbank, the European cross might attempt a corrective squeeze higher in the near term.

    Key Quotes

    EUR/GBP saw an aggressive sell off yesterday”.

    “This was vicious but has not taken out any support of note and currently we remain unable to rule out a corrective move higher near term. The Elliott wave count is indicating scope for a .7130/75 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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