5 Sep 2013
Flash: EUR/GBP remains offered - Commerzbank
FXstreet.com (London) - Karen Jones, chief analyst at Commerzbank noted that the EUR/GBP remains directly offered.
Key Quotes:
"The market has eroded its 200 day moving average for the first time this year and has also eroded and closed below the 0.8470 June low – this is viewed as negative".
"Intraday rallies should now remain capped by the .8531 previous 2012-2013 uptrend (this should now act as resistance) and will find initial resistance at .8470/.8500 for another leg down to the 0.8399 2013 low and .8366 the 200 week ma".
Key Quotes:
"The market has eroded its 200 day moving average for the first time this year and has also eroded and closed below the 0.8470 June low – this is viewed as negative".
"Intraday rallies should now remain capped by the .8531 previous 2012-2013 uptrend (this should now act as resistance) and will find initial resistance at .8470/.8500 for another leg down to the 0.8399 2013 low and .8366 the 200 week ma".