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EUR/GBP on track to test 0.7057 – Commerzbank

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - In the opinion o Axel Rudolph, Senior Technical Analyst at Commerzbank, the door remains open for a visit of the 0.7057 level.

    Key Quotes

    EUR/GBP is on track to reach the .7057 May low below which lies the .6937 July low and the 38.2% retracement of the move from 1971 at .6915”.

    “Major resistance continues to be seen at .7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here”.
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