23 Jul 2013
Flash: EUR/USD creeping higher - Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis commented on the Euro.
EUR/USD has been continuing to creep slowly higher and had reached the 1.3208 high charted on the 11th July. It has been offered this morning but this leaves her outlook Unchanged.
Key Quotes:
“The intraday charts continue to suggest that there is scope for a move towards the 78.6% Fibonacci retracement at 1.3275”.
“The market stays bid above 1.3000 and loss of this zone is needed to re- target the 1.2755/40 recent low and April low”.
“While further chopping around within the 1.2940-1.3275 limits is likely we look for the more important resistance at 1.3373/1.3415 to hold”.
“This is where the 2011-2013 downtrend, the 200 week ma and the June high meet. While capped here, an overall downside bias will persist”.
EUR/USD has been continuing to creep slowly higher and had reached the 1.3208 high charted on the 11th July. It has been offered this morning but this leaves her outlook Unchanged.
Key Quotes:
“The intraday charts continue to suggest that there is scope for a move towards the 78.6% Fibonacci retracement at 1.3275”.
“The market stays bid above 1.3000 and loss of this zone is needed to re- target the 1.2755/40 recent low and April low”.
“While further chopping around within the 1.2940-1.3275 limits is likely we look for the more important resistance at 1.3373/1.3415 to hold”.
“This is where the 2011-2013 downtrend, the 200 week ma and the June high meet. While capped here, an overall downside bias will persist”.