9 Jan 2014
Flash: EUR/USD sitting on cloud support - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD has sold off to cloud support at 1.3564/42.
Key Quotes
“While it is possible that we will see the market hold this on the initial test, we will maintain a negative bias, following the erosion of the 23.6% retracement and 20th December low at 1.3625.”
“We favour further losses to 1.3332/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At the end of last year we saw the market spike towards and fail at the 2008-2014 resistance line, this is currently located at 1.3885.”
“Coupled with the divergence of the daily and weekly RSI, we look for further weakness. Rebounds should now struggle 1.3660/95 and be contained by 1.3740.”
Key Quotes
“While it is possible that we will see the market hold this on the initial test, we will maintain a negative bias, following the erosion of the 23.6% retracement and 20th December low at 1.3625.”
“We favour further losses to 1.3332/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At the end of last year we saw the market spike towards and fail at the 2008-2014 resistance line, this is currently located at 1.3885.”
“Coupled with the divergence of the daily and weekly RSI, we look for further weakness. Rebounds should now struggle 1.3660/95 and be contained by 1.3740.”