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1 Feb 2016
EUR/GBP: based and upside target is 0.8030 - Commerzbank
FXStreet (Guatemala) - EUR/GBP remains nervous of the topside, having most recently failed just ahead of the 0.7762 2012 low.
Key Quotes:
"This is quite a pivot point and is regarded as formidable resistance near term. Dips lower are heading towards the support line at 0.7546 but should be finding good support between it and the 0.7492 October high. Such a move would be regarded as a return to point of break out.
The market two weeks ago eroded major resistance at 0.7555/75. We have charted a weekly close above here and above the 23.6% retracement of the move down from the 2009 high – this was located at 0.7614 and suggests that the market has indeed based. The base 0.7492- 0.6937 suggests an upside measured target to approximately 0.8030/50."
Key Quotes:
"This is quite a pivot point and is regarded as formidable resistance near term. Dips lower are heading towards the support line at 0.7546 but should be finding good support between it and the 0.7492 October high. Such a move would be regarded as a return to point of break out.
The market two weeks ago eroded major resistance at 0.7555/75. We have charted a weekly close above here and above the 23.6% retracement of the move down from the 2009 high – this was located at 0.7614 and suggests that the market has indeed based. The base 0.7492- 0.6937 suggests an upside measured target to approximately 0.8030/50."