20 Mar 2014
EUR/GBP claiming back ground on 0.83 handle
FXStreet (Guatemala) - EUR/GBP has stalled at the 38.2% retracement at 0.8392 ad fell as low as 0.8328.
Karen Jones, chief analyst at Commerzbank explained that directly overhead lies the 0.8424 200 day ma and we note the TD perfected set up on the daily chart and the divergence of the daily RSI –all of these factors warn of likely failure. “Dips will find initial .8348/20, and stronger support circa 0.8277 (50% retrace). Should the 0.8424 200 day ma be eroded then this would introduce scope to 0.8466, the mid December high and eventually 0.8535, the 61.8% retracement”.
EUR/GBP Levels
The 20 DMA is 0.8290, the 50 DMA is 0.8272, the 200 DMA is 0.8422. RSI (14) reads 44.02. Supports are 0.8255, 0.8286, 0.8320. Spot it 0.8348 while resistances are 0.8377, 0.8400, 0.8467 and 0.8505.
Karen Jones, chief analyst at Commerzbank explained that directly overhead lies the 0.8424 200 day ma and we note the TD perfected set up on the daily chart and the divergence of the daily RSI –all of these factors warn of likely failure. “Dips will find initial .8348/20, and stronger support circa 0.8277 (50% retrace). Should the 0.8424 200 day ma be eroded then this would introduce scope to 0.8466, the mid December high and eventually 0.8535, the 61.8% retracement”.
EUR/GBP Levels
The 20 DMA is 0.8290, the 50 DMA is 0.8272, the 200 DMA is 0.8422. RSI (14) reads 44.02. Supports are 0.8255, 0.8286, 0.8320. Spot it 0.8348 while resistances are 0.8377, 0.8400, 0.8467 and 0.8505.