10 Aug 2015
EUR/GBP negative below 0.7172 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analysis at Commerzbank, noted the negative outlook on the cross below the 0.7172 level.
Key Quotes
“EUR/GBP once again stabilised above the .6937 July low by bouncing off last week’s low at .6952. The .6952/37 area will act as the break down point to the .6541 2007 low”.
“A longer term negative bias is entrenched below the 2015 downtrend. It is currently located at .7172”.
“Short term the three month resistance line at .7097 should be retested this week but may cap with the 55 day moving average at .7125”.
Key Quotes
“EUR/GBP once again stabilised above the .6937 July low by bouncing off last week’s low at .6952. The .6952/37 area will act as the break down point to the .6541 2007 low”.
“A longer term negative bias is entrenched below the 2015 downtrend. It is currently located at .7172”.
“Short term the three month resistance line at .7097 should be retested this week but may cap with the 55 day moving average at .7125”.