EUR/GBP to alleviate downside pressure on a break above 0.8530 – Commerzbank
|EUR/GBP’s new low has not been confirmed by the daily RSI. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to see a correction higher with first resistance seen at 0.8500, then 0.8530.
EUR/GBP to target the 0.8239 2019 low below 0.8400
“EUR/GBP new lows have not been confirmed by the daily RSI, and we are correcting higher.”
“We have initial resistance at 0.8500. Above here lies the 55-day ma at 0.8530 and will need to regain this in order to alleviate downside pressure and to challenge the 0.8659/73 highs since May.”
“Below 0.8400 attention should revert to the 0.8239 2019 low and the 200-month ma lies at 0.8159.”
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.