3 Sep 2013
Flash: EUR/USD exposing risk to the downside - Commerzbank
FXstreet.com (London) - With the EUR/USD eroding support at 1.3205/1.3186 (38.2% retracement of the move from July) Karen Jones, chief strategist at Commerzbank eyes further weakness.
Key Quotes:
“Failure here will confirm the top and leave the market under pressure to sell off further to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July)”.
“We note the divergence of the 240 minute RSI and would allow for a small rebound to 1.3225/60 ahead of further losses”.
Key Quotes:
“Failure here will confirm the top and leave the market under pressure to sell off further to 1.3020, 1.2904 (these are the 61.8% and the 78.6% retracements of the move up from July)”.
“We note the divergence of the 240 minute RSI and would allow for a small rebound to 1.3225/60 ahead of further losses”.