EUR/GBP could re-test 0.9085 – Commerzbank

The European cross could re-visit the area of yearly tops neaer 0.9090, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/GBP is capable of retesting the .9085 2011 high: EUR/GBP has tested but not closed above the .9082/85 2011 high. The new high has been accompanied by a divergence of the daily RSI and attention has reverted to the .9008 near term uptrend and the .8886 channel. The upmove remains intact above here. Above .9088 introduces scope to the .9170 78.6% retracement”.

“Below the channel and .8743 14th July low will trigger losses to the 200 day ma at .8631”.