14 Jan 2014
Flash: EUR/USD still bouncing off cloud support - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD’s intraday chart is suggesting that the market should fail here at just below 1.3700.
Key Quotes
“However to confirm not only will the market have to erode cloud support at 1.3564/55, it will need to erode its 1.3498 4 month uptrend.”
“Failure here should be enough to trigger further losses to 1.3335/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At this stage we remain unable to rule out a corrective rebound into the 1.3740 area, where we should see the rally fail.”
“Above 1.3740 would allow for a deeper retracement to 1.3776 then 1.3820, the 78.6% retracement (not favoured).”
Key Quotes
“However to confirm not only will the market have to erode cloud support at 1.3564/55, it will need to erode its 1.3498 4 month uptrend.”
“Failure here should be enough to trigger further losses to 1.3335/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At this stage we remain unable to rule out a corrective rebound into the 1.3740 area, where we should see the rally fail.”
“Above 1.3740 would allow for a deeper retracement to 1.3776 then 1.3820, the 78.6% retracement (not favoured).”