Forex Flash: EUR/GBP failed at 0.8157/65, looking for slide back to up trend – Commerzbank
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EUR/GBP
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at EURGBP from a technical perspective.
The pair has started to sell off aggressively from the 0.8148/65 key resistances which represent the June high, the October high and the 55 weekly MA. Jones notes that spot has already eroded the near term support line and now looks set to tackle the 55 and 200 daily Mas at 0.8058/50.
She believes that the 27th November low is also found here at 0.8060 and she would allow for a small rebound from this support band ahead of further losses. Beyond this point she suspects that spot might slide back to 0.8018, the five month support line. She finishes by noting trend line support at 0.8018 guards the more important 0.7950 May low. Jones is currently short at 0.8137 with a stop at 0.8170 and a target of 0.8025.
The pair has started to sell off aggressively from the 0.8148/65 key resistances which represent the June high, the October high and the 55 weekly MA. Jones notes that spot has already eroded the near term support line and now looks set to tackle the 55 and 200 daily Mas at 0.8058/50.
She believes that the 27th November low is also found here at 0.8060 and she would allow for a small rebound from this support band ahead of further losses. Beyond this point she suspects that spot might slide back to 0.8018, the five month support line. She finishes by noting trend line support at 0.8018 guards the more important 0.7950 May low. Jones is currently short at 0.8137 with a stop at 0.8170 and a target of 0.8025.
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