26 Nov 2015
EUR/GBP door open for a corrective upside? – Commerzbank
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”.
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”.