1 Aug 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 is stalling at trend line resistance.
Key Quotes
“EUR/USD has attempted to erode the 2013 resistance line at 1.3325 but has not succeeded in doing so, and has reacted lower.”
“Directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure. Near term further attempts at this resistance should be allowed for.”
“The market stays bid intraday above 1.32055. Below here is needed to alleviate upside pressure and target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
Key Quotes
“EUR/USD has attempted to erode the 2013 resistance line at 1.3325 but has not succeeded in doing so, and has reacted lower.”
“Directly overhead lies key resistance at 1.3360/1.3417. This is where the 2011-2013 downtrend, the 200 week ma and the June high meet and we look for it to hold the topside and provoke failure. Near term further attempts at this resistance should be allowed for.”
“The market stays bid intraday above 1.32055. Below here is needed to alleviate upside pressure and target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”