18 Dec 2014
EUR/USD failed at cloud resistance – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD sold off back into its wedge, failing at the cloud resistance, and looking pressurised.
Key Quotes
“EUR/USD sold off back into its wedge and looks to be back under pressure. It has reversed just ahead of cloud resistance at 1.2555 and the 5 month downtrend at 1.2595. Attention has reverted very quickly to 1.2247/32 the recent low and 200 month ma.”
“Above 1.2595 initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”
“Note longer term we look for a break below 1.2232 to initially the 1.2042 2012 low and beyond.”
Key Quotes
“EUR/USD sold off back into its wedge and looks to be back under pressure. It has reversed just ahead of cloud resistance at 1.2555 and the 5 month downtrend at 1.2595. Attention has reverted very quickly to 1.2247/32 the recent low and 200 month ma.”
“Above 1.2595 initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”
“Note longer term we look for a break below 1.2232 to initially the 1.2042 2012 low and beyond.”