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20 Aug 2015
EUR/GBP bearish below 0.7162 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, reiterated the negative outlook for the cross while below the 0.7162 level.
Key Quotes
“EUR/GBP has recovered but remains below the 55 day ma and the 2015 downtrend line at .7162 currently”.
“The Elliott wave count on the daily chart is suggesting the recent rally was nothing more that an ab-c correction and at this point we will assume that the market is back under pressure”.
“Failure here points to a slide back to the .6990 June low. Further down lurks the July low at .6937. The .6952/37 area will act as the break down point to the .6541 2007 low”.
“Intraday Elliott counts are conflicting but a negative bias remains below the .7162 downtrend”.
Key Quotes
“EUR/GBP has recovered but remains below the 55 day ma and the 2015 downtrend line at .7162 currently”.
“The Elliott wave count on the daily chart is suggesting the recent rally was nothing more that an ab-c correction and at this point we will assume that the market is back under pressure”.
“Failure here points to a slide back to the .6990 June low. Further down lurks the July low at .6937. The .6952/37 area will act as the break down point to the .6541 2007 low”.
“Intraday Elliott counts are conflicting but a negative bias remains below the .7162 downtrend”.