Here’s what the analysts at Germany’s Commerzbank are thinking right now according to a report on Rtrs
EURUSD – Has seen a slight erosion of the 2 year uptrend this week at 1.3525. It is sitting just above the 1.3476 2014 low and beyond a small rebound we look for this to be eroded. Failure here will trigger losses to 1.3426 200WMA en route to the 1.3295 November 2013 low
EURGBP – Seeing a small recovery from the base of its 2013-14 down channel at 0.7878. We have several 13 counts on the intra day charts together with Elliott wave counts to suggest this is the end of the down move for now. We do not have any indications how far this could bounce, however rebounds are expected to find initial resistance at 0.7960 ( June low) and the 0.7980 recent high. Only a close above the 4 month downtrend at 0.8009 would negate the current downside pressure*
* Is it me or does that EURGBP analyis say it will go up, or it might not ,or not just yet or…? lol. What have you tecchies out there got in your tea-leaves for this pair ?
GBPUSD – Under pressure in its range and we are viewing this as the market building a potential expanding top. The outlook remains negative while capped by 1.7205. The recent high has been accompanied by a large divergence of the daily RSI – this reflects a loss of upside momentum and overhead lays the major resistance at 1.7300-31- both of which suggest a more negative stance is required. This resistance is a combination of a Fibonacci extension and the 505 retracement at 1.7331 of the move down from the 2007 peak
EURJPY – Seeing a small rebound earlier trading around the 55 WMA which this week is located at 137.38. The recent low of 136.71 was accompanied by a divergence of the daily RSI and we would allow for a near term rally (small).
