13 Dec 2013
Flash: EUR/USD starting to fail at the 1.3833 high - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD charted an almost replica session yesterday and is reflecting a loss of upside pressure ahead of the 1.3833 recent peak.
Key Quotes
“Ideally we would like to see this hold and provoke initial failure and we note that the Elliott wave count on the intraday charts has become more negative. In order to alleviate upside pressure however a break below the uptrend at 1.3565 is needed.
“Directly above 1.3833 lies 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line). This offers formidable resistance and we look for failure here.”
Key Quotes
“Ideally we would like to see this hold and provoke initial failure and we note that the Elliott wave count on the intraday charts has become more negative. In order to alleviate upside pressure however a break below the uptrend at 1.3565 is needed.
“Directly above 1.3833 lies 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line). This offers formidable resistance and we look for failure here.”