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EUR/GBP rallies would struggle around 0.7822/58 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the cross could be limited to the 0.7822/58 band.

Key Quotes

EUR/GBP has virtually reached major support .7757/44, the mid-August 2012 low at .7757 and the 50% retracement at .7744 (of the entire move up from 2000 to 2008)”.

“This is a key juncture on the chart and our medium term target and we would expect to see profit taking”.

“The market is dominated by the short term downtrend at .7837, its short term downtrend”.

“Intraday Elliott wave counts are suggesting that rallies will terminate circa .7822/58”.

“Recently the market rallied to and failed at its 2 year pivot line cutting in at .8071 this week.

“The outlook is therefore negative. Directly above here lies the 2013-2014 downtrend at .8093 and we will retain a negative bias while capped here”.

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