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16 Sep 2013
Flash: EUR/GBP under pressure – Commerzbank
FXstreet.com (London) - EUR/GBP is under pressure according to Karen Jones, chief analysts at Commerzbank.
Key Quotes:
“EUR/GBP again sold off sharply, which has somewhat negated our fears over a rebound”.
“The market has started to erode its 55 week ma at .8374 and despite the TD perfected set up and 13 count clearly remains vulnerable on the downside”.
“The intraday charts indicate that this move should terminate circa .8350”.
“Any rebounds will find initial resistance offered by the June low at .8470, the 200 day ma at .8497 and stronger resistance at .8515, the 38.2% Fibonacci retracement of the recent decline”.
“Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.
Key Quotes:
“EUR/GBP again sold off sharply, which has somewhat negated our fears over a rebound”.
“The market has started to erode its 55 week ma at .8374 and despite the TD perfected set up and 13 count clearly remains vulnerable on the downside”.
“The intraday charts indicate that this move should terminate circa .8350”.
“Any rebounds will find initial resistance offered by the June low at .8470, the 200 day ma at .8497 and stronger resistance at .8515, the 38.2% Fibonacci retracement of the recent decline”.
“Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.