EUR/GBP to bounce higher? – Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, points out that EUR/GBP recovered yesterday and given that there is again divergence seen of the daily RSI, they suspect that we will see a bounce higher still this week.

Key Quotes

“Initial resistance is last week’s high at .8606 and above here lies a minor downtrend channel resistance line at .8620 ahead of the four month downtrend line at .8752. Overhead resistance is reinforced by .8786 the mid-September low.”

“Support is offered by last week’s low at .8498. Below here lies the May low at .8465. We note the TD support at .8440 and we look for the market to hold here.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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