6 Dec 2013
Flash: EUR/USD strength looks set to extend to the 1.3718 Fibo - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes EUR/USD has destroyed the potential rising wedge pattern but has not done enough to convince us that this is anything more that just a correction.
Key Quotes
“It is possible that we will see an extension to the 78.6% retracement at 1.3718, but then look for this to provoke failure. This is seen as the last defence for the 1.3833 recent peak. We continue to view this as an interim peak.”
“Failure ahead of 1.3718 will focus attention back to the 1.3295/94 zone (current November low and the 50% retracement of the move up from July).”
Key Quotes
“It is possible that we will see an extension to the 78.6% retracement at 1.3718, but then look for this to provoke failure. This is seen as the last defence for the 1.3833 recent peak. We continue to view this as an interim peak.”
“Failure ahead of 1.3718 will focus attention back to the 1.3295/94 zone (current November low and the 50% retracement of the move up from July).”