31 Jul 2013
Flash: EUR/USD stalling at trend line resistance - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD has continued to falter at resistance above 1.3300 and has now seen 4 failures here.
Key Quotes
“Directly above here lies the 2013 resistance line at 1.3328 and the key resistance at 1.3360/1.3417.This is where the 2011-2013 downtrend, the 200 week ma and the June high
meet.”
“We look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325. We continue to favour failure and a slide sub 1.3000.”
“The market stays bid intraday above 1.3165. Below here targets 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
Key Quotes
“Directly above here lies the 2013 resistance line at 1.3328 and the key resistance at 1.3360/1.3417.This is where the 2011-2013 downtrend, the 200 week ma and the June high
meet.”
“We look for it to hold the topside and provoke failure. We note the 13 count on the 240 minute chart and this offers additional resistance at 1.3325. We continue to favour failure and a slide sub 1.3000.”
“The market stays bid intraday above 1.3165. Below here targets 1.30 and loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”