7 Jul 2015
EUR/GBP technically holds key support - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP continues to hold near term over the 0.7057 May low and is expected to steady and then work higher.
Key Quotes:
"It 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 0.7200, but we have little beyond that."
"Dips lower will find minor support at 0.7057 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low. Above 0.7202 will allow for a deeper recovery to the 0.7290 2015 resistance line."
Key Quotes:
"It 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 0.7200, but we have little beyond that."
"Dips lower will find minor support at 0.7057 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low. Above 0.7202 will allow for a deeper recovery to the 0.7290 2015 resistance line."