15 Jan 2014
Flash: EUR/USD attention reverts to support - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that there has been no change today, with EUR/USD’s intraday chart is suggesting that the market has failed here at just below 1.3700.
Key Quotes
“Intraday rebounds are expected to now hold circa 1.3650 – we continue to look for the market to come under pressure. To confirm further downside potential, not only will the market have to erode cloud support at 1.3564/78, it will also need to erode its 1.3503 4 month uptrend.”
“Failure here should be enough to trigger further losses to 1.3338/1.3295 (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 (not favoured) , where we should see the rally fail.”
Key Quotes
“Intraday rebounds are expected to now hold circa 1.3650 – we continue to look for the market to come under pressure. To confirm further downside potential, not only will the market have to erode cloud support at 1.3564/78, it will also need to erode its 1.3503 4 month uptrend.”
“Failure here should be enough to trigger further losses to 1.3338/1.3295 (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 (not favoured) , where we should see the rally fail.”