2 Sep 2013
Flash: EUR/GBP eroding uptrend line - Commerzbank
FXstreet.com (London) - Karen Jones, chief strategist at Commerzbank not the recent activity in the EUR/GBP pair.
Key Quotes:
"EUR/GBP has eroded the .8523 2012-2013 uptrend line".
"It has sold off towards the 200 day ma at .8481 and the 0.8470 June low and the 0.8399 2013 low".
"Note that the 55 week ma is also here at .8590".
"Given that the break happened in the Far East we would allow for a small retracement in the London time zone to .8525 ahead of further losses".
"The target is the .8399 April low and .8366 the 200 week ma".
Key Quotes:
"EUR/GBP has eroded the .8523 2012-2013 uptrend line".
"It has sold off towards the 200 day ma at .8481 and the 0.8470 June low and the 0.8399 2013 low".
"Note that the 55 week ma is also here at .8590".
"Given that the break happened in the Far East we would allow for a small retracement in the London time zone to .8525 ahead of further losses".
"The target is the .8399 April low and .8366 the 200 week ma".