6 Feb 2014
Flash: EUR/USD previous uptrend acting as resistance - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD’s rally has halted just ahead of the previous uptrend, which today offers resistance at 1.3563.
Key Quotes
“The market is seeing a small corrective rebound from its 55 month m.a. at 1.3470. This is viewed as the key break down point to the 200 day ma at 1.3382 and the 2012-2014 uptrend at 1.3183.”
“We have a minor support en route at 1.3458, the 38.2% retracement of the move up from July 2013, the 55 and 200 week ma at 1.3313/18, and the November low at 1.3295. Downside progress may be slow BUT we look for these levels to be eroded.”
“Very near term intraday rallies should now find resistance at 1.3555/80. Above 1.3640 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”
Key Quotes
“The market is seeing a small corrective rebound from its 55 month m.a. at 1.3470. This is viewed as the key break down point to the 200 day ma at 1.3382 and the 2012-2014 uptrend at 1.3183.”
“We have a minor support en route at 1.3458, the 38.2% retracement of the move up from July 2013, the 55 and 200 week ma at 1.3313/18, and the November low at 1.3295. Downside progress may be slow BUT we look for these levels to be eroded.”
“Very near term intraday rallies should now find resistance at 1.3555/80. Above 1.3640 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”