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12 Sep 2013
EUR/GBP maintains the 0.8400 handle, finding resistance at 0.8420
FXstreet.com (London) - EUR/GBP fell to its lowest level since January yesterday when the Unemployment Rate came out in London, falling to 7.7% and EUR/GBP hit 0.8383.
EUR/GBP has since gathered itself back in the 0.8400 territory but broadly remains offered. EZ data was in the main printing worse, wit Industrial Production -2.1% against -0.1% consensus.
EUR/GBP new lower targets introduced
Karen Jones, chief analyst at Commerzbank suggests that any rebounds will find initial resistance offered by the June low at .8470, the 200 day ma at .8492 and stronger resistance at .8536, the 38.2% Fibonacci retracement of the recent decline. “Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012). These will be targeted once the current September low at .8393 has given way”.
EUR/GBP has since gathered itself back in the 0.8400 territory but broadly remains offered. EZ data was in the main printing worse, wit Industrial Production -2.1% against -0.1% consensus.
EUR/GBP new lower targets introduced
Karen Jones, chief analyst at Commerzbank suggests that any rebounds will find initial resistance offered by the June low at .8470, the 200 day ma at .8492 and stronger resistance at .8536, the 38.2% Fibonacci retracement of the recent decline. “Longer term the market has reversed from the top of a 4 year channel and longer term downside targets of .8280/.8155/.7980 have been introduced (Fibonacci retracements of the move up from 2012). These will be targeted once the current September low at .8393 has given way”.