3 Jul 2015
EUR/GBP: Watch for failures below 0.6985 - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/GBP held steady yesterday and they continue to look for recovery but offer caution on dips below 0.6985.
Key Quotes:
"It has recently charted a key day reversal from the base of the .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 0.7205, but I have little beyond that. Dips lower will find minor support at 0.7080/60 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low."
Key Quotes:
"It has recently charted a key day reversal from the base of the .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 0.7205, but I have little beyond that. Dips lower will find minor support at 0.7080/60 ahead of 0.6985. Failure here will target the 0.6571/41 2007 low."