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1 Apr 2015
EUR/GBP strong resistance at 0.7347/0.7408 – Commerzbank
FXStreet (Edinburgh) - Bullish attempts in the European cross could find a strong barrier in the 0.7347/0.7408 band, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.
Key Quotes
“Last week EUR/GBP reached but was then rejected by the four month resistance line, now at .7347. Between it and the .7408 January low we still expect the currency pair to stall”.
“Once this week’s low at .7223 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 an unexpected 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
“Last week EUR/GBP reached but was then rejected by the four month resistance line, now at .7347. Between it and the .7408 January low we still expect the currency pair to stall”.
“Once this week’s low at .7223 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 an unexpected 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”.