13 Jan 2014
Flash: EUR/USD strong rebound off cloud support - Commerzbank
Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD continues to rebound strongly from cloud support at 1.3564/55.
Key Quotes
“This is the third time it has held and we remain unable to rule out a corrective rebound into the 1.3740 area, where we should see the rally fail.”
“Failure here will leave the 1.3498 4 month support line exposed. We favour further losses to 1.3335/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“Above 1.3740 would allow for a deeper retracement to 1.3776 then1.3820, the 78.6% retracement.”
Key Quotes
“This is the third time it has held and we remain unable to rule out a corrective rebound into the 1.3740 area, where we should see the rally fail.”
“Failure here will leave the 1.3498 4 month support line exposed. We favour further losses to 1.3335/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“Above 1.3740 would allow for a deeper retracement to 1.3776 then1.3820, the 78.6% retracement.”