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11 Sep 2013
EUR/GBP lowest levels since January
FXstreet.com (London) - EUR/GBP fell to its lowest level since January 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 throughout NA so far. Tomorrow we will see the ECB report as well as Draghi and of course eyes will be on the Inflation Report Hearings from the UK. There is a bout of US data to round of the week effecting the EUR and Sterling in the cross.
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 throughout NA so far. Tomorrow we will see the ECB report as well as Draghi and of course eyes will be on the Inflation Report Hearings from the UK. There is a bout of US data to round of the week effecting the EUR and Sterling in the cross.
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”.