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28 Jan 2015
EUR/GBP a break of 0.7390 could expose 0.7152 – RBS
FXStreet (Edinburgh) - Technical Analyst at RBS Dmytro Bondar suggested that a breakdown of the key support at 0.7390 in EUR/GBP would allow a visit of the mid-0.7100s.
Key Quotes
“The pair has bounced from the 0.7390 long-term support level, which combined with a positive divergence of the slow stochastics oscillator with the price action, suggests the price would most likely remain range-bound for some time and even see a marginal recovery within the 0.7390 – 0.7628 region”.
“After consolidating within the area, the next downswing would still be possible, especially if the 0.7390 support is broken, opening the 0.7152 target”.
“Overall, the 0.7390 – 0.7628 range is likely for the next week or two with further downside pressure opening 0.7152 target”.
Key Quotes
“The pair has bounced from the 0.7390 long-term support level, which combined with a positive divergence of the slow stochastics oscillator with the price action, suggests the price would most likely remain range-bound for some time and even see a marginal recovery within the 0.7390 – 0.7628 region”.
“After consolidating within the area, the next downswing would still be possible, especially if the 0.7390 support is broken, opening the 0.7152 target”.
“Overall, the 0.7390 – 0.7628 range is likely for the next week or two with further downside pressure opening 0.7152 target”.