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5 May 2015
EUR/GBP: Bulls gather themselves up on the downside
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7368 with a high of 0.7383 and a low of 0.7315.
EUR/GBP has resumed the bid after taking a hit through the 0.7400. This move actually went as far as the 38.2% Fibonacci retracement to 0.7416 and on to penetrate 0.7420. Without closing here though, Karen Jones, chief analyst at Commerzbank explained it is hard to call the next move as a close above here would be required to offset the downside bias of this year so far.
We are headed to elections this week in the UK and this in an event where markets will be nervous around this event and it is likely to be volatile especially as we will have the Nonfarm Payrolls event on Friday also.
Technically, "The Elliot wave count on the 240 minute chart suggests that dips lower should terminate circa 0.7275/57. An upside bias will now persist while above the 0.7118 April low. This guards the .07015 March low and .7000 psychological support. Interim support is .7219 the previous downtrend."
EUR/GBP has resumed the bid after taking a hit through the 0.7400. This move actually went as far as the 38.2% Fibonacci retracement to 0.7416 and on to penetrate 0.7420. Without closing here though, Karen Jones, chief analyst at Commerzbank explained it is hard to call the next move as a close above here would be required to offset the downside bias of this year so far.
We are headed to elections this week in the UK and this in an event where markets will be nervous around this event and it is likely to be volatile especially as we will have the Nonfarm Payrolls event on Friday also.
Technically, "The Elliot wave count on the 240 minute chart suggests that dips lower should terminate circa 0.7275/57. An upside bias will now persist while above the 0.7118 April low. This guards the .07015 March low and .7000 psychological support. Interim support is .7219 the previous downtrend."