EUR/GBP on track to test 0.7057 – Commerzbank
FXStreet (Edinburgh) – In the opinion o Axel Rudolph, Senior Technical Analyst at Commerzbank, the door remains open for a visit of the 0.7057 level.
Key Quotes
“EUR/GBP is on track to reach the .7057 May low below which lies the .6937 July low and the 38.2% retracement of the move from 1971 at .6915”.
“Major resistance continues to be seen at .7518/42 (this is the location of the previous 43 year uptrend, which should now act as resistance and the 2013-2015 downtrend). We will maintain our bearish view while capped here”.
In the opinion o Axel Rudolph, Senior Technical Analyst at Commerzbank, the door remains open for a visit of the 0.7057 level…
(Market News Provided by FXstreet)