7 Apr 2015
EUR/GBP falters below its March high at 0.7385 – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, expects EUR/GBP to stall near 0.7385-0.7408 for the next few days, and only above the latter would see further upside potential.
Key Quotes
“EUR/GBP clearly broke through the four month resistance line, now at .7312, and came close to retesting the March peak at .7385. Between it and the .7408 January low it is likely to stall again, at least for the next few days.”
“While this remains the case, last week’s low at .7223 could be revisited. Once it has been slipped through, the .7200 region could be back on the map. Another potential support level is the March 19 low at .7155.”
“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.”
Key Quotes
“EUR/GBP clearly broke through the four month resistance line, now at .7312, and came close to retesting the March peak at .7385. Between it and the .7408 January low it is likely to stall again, at least for the next few days.”
“While this remains the case, last week’s low at .7223 could be revisited. Once it has been slipped through, the .7200 region could be back on the map. Another potential support level is the March 19 low at .7155.”
“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.”