7 Feb 2014
Flash: EUR/USD approaching downtrend at 1.3659 - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that having produced such a sharp uptick yesterday, she can only look at the near term EUR/USD resistance line at 1.3659 and suggest that the market halts ahead of here.
Key Quotes
“The intraday Elliott wave count suggests failure will be seen, but in order to reassert downside pressure a close below the 55 month support at 1.3570 is needed.”
“This support is viewed as the break down point to the 200 day ma at 1.3385 and the 2012-2014 uptrend at 1.3183. Above 1.3659 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”
Key Quotes
“The intraday Elliott wave count suggests failure will be seen, but in order to reassert downside pressure a close below the 55 month support at 1.3570 is needed.”
“This support is viewed as the break down point to the 200 day ma at 1.3385 and the 2012-2014 uptrend at 1.3183. Above 1.3659 the key resistance is the 1.3740/46 recent high and Fibonacci retracement.”