4 Feb 2014
Flash: EUR/USD under pressure, sell rallies - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD held steady yesterday and is essentially sitting on its 55 month m.a. at 1.3470.
Key Quotes
“This remains the key break down point to the 200 day ma at 1.3378. We have a minor support en route at 1.3458, the 38.2% retracement of the move up From July 2013. Below here we also 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.”
“The latter level is the one that is key. Downside progress may be slow BUT we look for these levels to be eroded. Very near term we would allow for a small rebound, however 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
“This remains the key break down point to the 200 day ma at 1.3378. We have a minor support en route at 1.3458, the 38.2% retracement of the move up From July 2013. Below here we also 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.”
“The latter level is the one that is key. Downside progress may be slow BUT we look for these levels to be eroded. Very near term we would allow for a small rebound, however 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.”