3 Feb 2014
Flash: EUR/USD under pressure, sell rallies - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD has eroded its 4 month uptrend support, is eroding its 55 month m.a. and starts this week under pressure.
Key Quotes
“It is likely to sell off further towards initially the 200 day ma at 1.3376. We have a minor support en route at 1.3423, the 78.6% retracement of the move up from November.”
“Below 1.3376 we have the 55 and 200 week ma at 1.3313/18, the November low at 1.3295 and then the 2012-2014 uptrend at 1.3183.”
“Very near term we would allow for a small near term rebound, however intraday rallies should now find resistance at 1.3525/55. Above 1.3640 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”
Key Quotes
“It is likely to sell off further towards initially the 200 day ma at 1.3376. We have a minor support en route at 1.3423, the 78.6% retracement of the move up from November.”
“Below 1.3376 we have the 55 and 200 week ma at 1.3313/18, the November low at 1.3295 and then the 2012-2014 uptrend at 1.3183.”
“Very near term we would allow for a small near term rebound, however intraday rallies should now find resistance at 1.3525/55. Above 1.3640 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”