EUR/GBP: The end of the down move – Commerzbank

FXStreet Team FXStreet

EUR/GBP has reached a convergence of support and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, favors recovery.

Key quotes

“EUR/GBP is holding over the 0.8750 200 day ma. In this vicinity we also find the 61.8% retracement at 0.8747, the uptrend at 0.8737 and the 55-day ma at 0.8685 and we look for the market to recover from here.”

“We also note Two 13 counts on the 240-minute chart and a TD perfected set up on the daily chart, they imply the end of the down move.”

“Recovery above 0.9022 will target 0.9225 and then last week’s high at 0.9501.”

Author

FXStreet Team

FXStreet

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