Back
24 Sep 2014
EUR/GBP keeps the negative outlook – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the cross to retain its negative bias below 0.8105.
Key Quotes
“EUR/GBP remains corrective but rallies should find decent resistance circa .7923 (short term downtrend)”.
“Intraday Elliott wave counts are suggesting that rallies will terminate circa .7895/.7915. Beyond this we should see failure and further weakness to the mid-August 2012 low at .7757 and the 50% retracement at .7744 (of the entire move up from 2000 to 2008)”.
“This is a key juncture on the chart and we could expect to see profit taking”.
“Recently the market rallied to and failed at its 2 year pivot line cutting in at .8068 this week. The outlook is therefore negative. Directly above here lies the 2013-2014 downtrend at .8105 and we will retain a negative bias while capped here”.
Key Quotes
“EUR/GBP remains corrective but rallies should find decent resistance circa .7923 (short term downtrend)”.
“Intraday Elliott wave counts are suggesting that rallies will terminate circa .7895/.7915. Beyond this we should see failure and further weakness to the mid-August 2012 low at .7757 and the 50% retracement at .7744 (of the entire move up from 2000 to 2008)”.
“This is a key juncture on the chart and we could expect to see profit taking”.
“Recently the market rallied to and failed at its 2 year pivot line cutting in at .8068 this week. The outlook is therefore negative. Directly above here lies the 2013-2014 downtrend at .8105 and we will retain a negative bias while capped here”.