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12 Mar 2015
EUR/GBP: En-route to fading opportunity at 0.7190 - TDS
FXStreet (Guatemala) - Karen Jones, chief analyst at FXStreet explained that EUR/GBP has reached a target of 0.7020/00 April 2006 high and psychological level.
Key Quotes:
"We note the 13 count on the daily chart and would prefer to sell on a rebound rather than chase it lower at this point."
"The market will remain directly offered below the 0.7228 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure."
"Above the 0.7228 accelerated downtrend lies the 23.6% retracement of the down move at 0.7345."
"Current Position: Square. Recommended trade: Attempt minor shorts at 0.7190, 0.7220, stop 0.7230."
Key Quotes:
"We note the 13 count on the daily chart and would prefer to sell on a rebound rather than chase it lower at this point."
"The market will remain directly offered below the 0.7228 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure."
"Above the 0.7228 accelerated downtrend lies the 23.6% retracement of the down move at 0.7345."
"Current Position: Square. Recommended trade: Attempt minor shorts at 0.7190, 0.7220, stop 0.7230."