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6 Mar 2013
Forex Flash: EUR/GBP with negative bias towards 0.8566 then 0.8449/47 - Commerzbank
Commerzbank analysts see a negative bias as the EUR/GBP slips lower: "The market last week reversed from the double Fibonacci retracement and the October 2011 high, at 0.8780/0.8830", wrote analyst Karen Jones, seeing likelihood of failure.
"The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47, the 50% retracement of the move seen this year and the 8th February low", she continued, pointing to intraday resistance at 0.87155, the first of February high.
"The bearish engulfing pattern and break of the uptrend suggests further weakness will be seen near term to 0.8566 then 0.8449/47, the 50% retracement of the move seen this year and the 8th February low", she continued, pointing to intraday resistance at 0.87155, the first of February high.