Forex Marketz Daily Forex News – Fully Markets Update
EUR/GBP: Bears breaking six year channel's base – CB
FXStreet (Guatemala) – Karen Jones, chief analyst at Commerzbank explained that EUR/GBP has sold off to the base of the base of a 6 year channel at 0.6967, there has been a minor erosion of this.
Key Quotes:
“The intraday momentum indicators are showing oversold and very near term we would allow for a small rebound.”
“TD support comes in at 0.6940, the Elliott wave count at 0.6920 on the 240 minute, both imply that the downside is limited at this juncture and we would prefer to sell the rallies. Rebounds are currently indicated to terminate .7065.”
“The base of the 0.6967 6 year down channel was our medium downside target and it is possible that it will again hold. This is the break down point to the 0.6571/41 the 2007 low.”
For more information, read our latest forex news.
Source: FXStreet
