26 Jun 2014
EUR/GBP could retest 0.7983 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross might revert the current rebound and head back towards the 0.7980 area.
Key Quotes
“EUR/GBP hit our initial take profit and has stopped”.
“The intraday signals are negative on both the 60 minute and the 240 minute chart and it is possible that this is the end of the correction higher”.
“The daily chart is implying scope for a deeper correction to .8074/.8110, but for now we will exit our remaining longs”.
“Ideally we look for the corrective rally to falter ahead of the .8090 3 month downtrend. We should then see the bear trend reassert and a retest of the 0.7983/78.6% retracement”.
Key Quotes
“EUR/GBP hit our initial take profit and has stopped”.
“The intraday signals are negative on both the 60 minute and the 240 minute chart and it is possible that this is the end of the correction higher”.
“The daily chart is implying scope for a deeper correction to .8074/.8110, but for now we will exit our remaining longs”.
“Ideally we look for the corrective rally to falter ahead of the .8090 3 month downtrend. We should then see the bear trend reassert and a retest of the 0.7983/78.6% retracement”.