6 Jul 2015
EUR/GBP: recently charted a key day reversal - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted and explained EUR/GBP's technical conditions.
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 .7202, but I 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 0.7295 2015 resistance line."
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 .7202, but I 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 0.7295 2015 resistance line."