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27 Aug 2015
EUR/GBP capped at 200 DMA
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7295 with a high of 0.7335 and a low of 0.7279.
EUR/GBP has been struggling at the 200 DMA on the minor recovery and dropped back below the 0.73 handle to aforementioned lows. Sterling was weakerm, but as too was the euro while the greenback takes flight. GDP and initial jobless claims have added to yesterday's positive durable goods numbers and sentiment around the US economy while Fed timings still seem to have been put back in the current environment, aiding gains in US stock markets and adding to a better risk appetite in the markets.
EUR/GBP Elliot waves suggests downside before further gains
Karen Jones, chief analyst at Commerzbank explains that the Elliott wave count is suggesting a retracement to 0.7185/.7240 ahead of further strength. "Directly overhead lies the .7482 May 2015 high and the .7504 55 week ma. Currently, we suspect there is scope for this rally to extend to the 0.7616/36 double Fibo 38.2% retracement of the move from the 2013 peak and the 23.6% retracement of the move from the 2008 peak."
EUR/GBP has been struggling at the 200 DMA on the minor recovery and dropped back below the 0.73 handle to aforementioned lows. Sterling was weakerm, but as too was the euro while the greenback takes flight. GDP and initial jobless claims have added to yesterday's positive durable goods numbers and sentiment around the US economy while Fed timings still seem to have been put back in the current environment, aiding gains in US stock markets and adding to a better risk appetite in the markets.
EUR/GBP Elliot waves suggests downside before further gains
Karen Jones, chief analyst at Commerzbank explains that the Elliott wave count is suggesting a retracement to 0.7185/.7240 ahead of further strength. "Directly overhead lies the .7482 May 2015 high and the .7504 55 week ma. Currently, we suspect there is scope for this rally to extend to the 0.7616/36 double Fibo 38.2% retracement of the move from the 2013 peak and the 23.6% retracement of the move from the 2008 peak."