Back
9 Aug 2013
Flash: EUR/USD – approaching the 200 week ma at 1.3402 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD eroded the 2011-2013 downtrend, and now faces the 200 week ma and the June high meet at 1.3402/17.
Key Quotes
“There is little to suggest that the market will maintain a break beyond here. None the less the market remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure.”
“Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold.Failure here will target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
“Above 1.3420 would suggests ongoing strength to 1.3500/20, the 13th February high. This is regarded as the last defence for the 1.3711 February high.”
Key Quotes
“There is little to suggest that the market will maintain a break beyond here. None the less the market remains bid above the 1.3312 accelerated uptrend and only loss of last weeks low at 1.3188 will alleviate immediate upside pressure.”
“Intraday charts are suggesting the 1.3417 high will be tested, but that it is likely to hold.Failure here will target 1.30. Loss of this zone is needed to re-target the 1.2755/40 recent low and April low.”
“Above 1.3420 would suggests ongoing strength to 1.3500/20, the 13th February high. This is regarded as the last defence for the 1.3711 February high.”