EUR/GBP eyes a move to the 0.9034 October high - Commerzbank

Karen Jones, Analyst at Commerzbank offers key technical levels for trading EUR/GBP in the day ahead.

Key Quotes:

“EUR/GBP has recently eroded the six-month resistance line but so far stalled at Fibonacci resistance at .8925. We will assume an upside bias above the 200-day ma at .8819 for now and allow for a move to the .9034 October high. This remains the barrier to the 0.9071/0.9175 61.8% and 78.6% Fibonacci retracements.”

“Key near-term resistance is the .9034 October 12, 2017, high. This guards the .9308 August high. The cross recently sold off to the 61.8% retracement of the move seen this year at .8697. A close below here targets the .8530/78.6% retracement of the move seen this year.“

Short-Term Trend (1-3 weeks): Stabilised at the 55-week ma. Long-term trend (1-3 months): Market has recovered from 55.”