EUR/GBP keeps targeting 0.8743 – Commerzbank

Pablo Piovano FXStreet

In light of the ongoing sell off, the European cross could re-test the 0.8740 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP has sold off sharply and continues to target the .8743 14th July low. Initial support is the .8813 50% retracement of the move up from May. Intraday rallies should now struggle .9065/90”.

“Initial supports ahead of here lie at .8930/.8813, these are the 38.2% and 50% retracements of the move up from April. Intraday rallies are indicated to hold below 8945/90”.

“Above .9145 would retarget the 93.08 recent high”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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