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6 Sep 2013
Flash: EUR/GBP erodes June low - Commerzbank
FXstreet.com (London) - Karen Jones, chief analyst at Commerzbank noted that EUR/GBP has eroded and closed below the 0.8470 June.
Key Quotes:
“EUR/GBP has eroded and closed below the 0.8470 June low and 2090 day ma – this is viewed as negative”.
“Intraday rallies should now remain capped by the .8528 previous 2012-2013 uptrend (this should now act as resistance) and will find initial resistance at .8480/.8500 for another leg down to the 0.8399 2013 low and .8366 the 200 week ma”.
“…longer term, the market has reversed from the top of a 4 year channel and longer term targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.
Key Quotes:
“EUR/GBP has eroded and closed below the 0.8470 June low and 2090 day ma – this is viewed as negative”.
“Intraday rallies should now remain capped by the .8528 previous 2012-2013 uptrend (this should now act as resistance) and will find initial resistance at .8480/.8500 for another leg down to the 0.8399 2013 low and .8366 the 200 week ma”.
“…longer term, the market has reversed from the top of a 4 year channel and longer term targets of 0.8280/0.8155/0.7980 have been introduced (Fibonacci retracements of the move up from 2012)”.