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15 Apr 2015
EUR/GBP bulls might get some relief - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that in EUR/GBP, referring to the intraday charts (60 min and 240 min), both are suggesting that we may have temporarily based at 0.7183.
Key Quotes:
"We remain unable to rule out slippage to the March 19 low at .7155, but we continue to look for this to hold the downside."
"We look for recovery towards the 55 day ma at .7313 short term. The market needs to regain resistance offered by the March peak at .7385 and the .7408 January to further alleviate downside pressure. Only if a rise and daily chart close above the .7408 January low were to be made, would we have to allow for further upside towards the .7500 region to be seen."
"Current Position: Square. Recommended trade: Buy at market, add .7185, stop 0.7155. Shorter term (1-3 weeks): Negative below the 0.7385/0.7408 area. Medium term (1-3 months): We believe a significant low was made at 0.7015 in March and that this won’t be slipped through for several months."
Key Quotes:
"We remain unable to rule out slippage to the March 19 low at .7155, but we continue to look for this to hold the downside."
"We look for recovery towards the 55 day ma at .7313 short term. The market needs to regain resistance offered by the March peak at .7385 and the .7408 January to further alleviate downside pressure. Only if a rise and daily chart close above the .7408 January low were to be made, would we have to allow for further upside towards the .7500 region to be seen."
"Current Position: Square. Recommended trade: Buy at market, add .7185, stop 0.7155. Shorter term (1-3 weeks): Negative below the 0.7385/0.7408 area. Medium term (1-3 months): We believe a significant low was made at 0.7015 in March and that this won’t be slipped through for several months."