EUR/GBP looks for a recovery to the 200-DMA at 0.8663 – Commerzbank
|EUR/GBP is recovering from support at 0.8500. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to climb towards the 200-day moving average (DMA) at 0.8663.
See: EUR/GBP to move downward towards 0.83 by end-2022 – Danske Bank
The 0.8505/00 support is viewed as an interim low
“EUR/GBP rally higher is gaining traction. The market has recently seen quite a strong reversal from the 0.8505/00 support, the lows from mid-July, and we are now viewing this as an interim low.”
“We would allow for gains to resistance at 0.8615/20. The near-term risk is for a break above here and this would allow for 0.8663, the 200-DMA and 0.8671, the July 2021 high. Above here lies the 0.8722 April high.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.