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EUR/GBP has eased back to the 55-day ma at 0.8705, where it is trying to stabilise, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“We note a 13 count on the 60-minute chart and positive intraday Elliott wave counts, they imply the end of the down move.”

“A recovery above 0.9022 is needed to target 0.9225 and then the March high at 0.9501.” 

“Initial resistance is the 20-day ma at 0.8920.”