25 Apr 2014
EUR/GBP bearish below 0.8315 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the outlook of EUR/JPY to remain negative while trade is below 0.8315.
Key Quotes
“EUR/GBP held steady yesterday and has room for another small upside attempt into the .8271/94 band ahead of further weakness”.
“The market has held the initial test of the .8192 end of February low, and these near term rallies are viewed as corrective only”.
“However while below .8315 we are overall still negative, and our target remains major support at .8160/59. Above .8315/30 would be required to alleviate downside pressure and signal a retest of the .8390/.8400 recent highs”.
Key Quotes
“EUR/GBP held steady yesterday and has room for another small upside attempt into the .8271/94 band ahead of further weakness”.
“The market has held the initial test of the .8192 end of February low, and these near term rallies are viewed as corrective only”.
“However while below .8315 we are overall still negative, and our target remains major support at .8160/59. Above .8315/30 would be required to alleviate downside pressure and signal a retest of the .8390/.8400 recent highs”.