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20 Dec 2013
Flash: EUR/USD uptrend at 1.3617 exposed - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD remains under pressure and attention is on the uptrend at 1.3617, this is now exposed.
Key Quotes
“The previous day we saw a large outside day to the downside and consider that near term risks are for a move lower.
“In order to alleviate upside pressure further a close below the uptrend at 1.3617 is needed. This is also the approximate location of the 55 day ma at 1.3605 and failure here should provoke a return visit to 1.3300/1.3276 (recent low, Fibo and 200 day ma).”
“Rebounds should now be tepid and we would allow for a tiny bounce to 1.3660 ahead of further losses. There is also a time zone gap to 1.3732, which may be filled.”
“Directly over head lies the 1.3812/33 resistance and we look for this to cap.”
Key Quotes
“The previous day we saw a large outside day to the downside and consider that near term risks are for a move lower.
“In order to alleviate upside pressure further a close below the uptrend at 1.3617 is needed. This is also the approximate location of the 55 day ma at 1.3605 and failure here should provoke a return visit to 1.3300/1.3276 (recent low, Fibo and 200 day ma).”
“Rebounds should now be tepid and we would allow for a tiny bounce to 1.3660 ahead of further losses. There is also a time zone gap to 1.3732, which may be filled.”
“Directly over head lies the 1.3812/33 resistance and we look for this to cap.”