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17 May 2013
Flash: EUR/USD to breakout below 1.2839 – Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank, Head of Technical analysis explains that the EUR/USD has sold off to and is holding at 1.2839, the 78.6% retracement of the move from April. She said that while this may prompt a small pause in the down-move, they ultimately look for it to break.
Her team highlights that this is considered to be the last defense for the 1.2740 recent low. They expect intraday rallies to fail 1.2977/1.3018 and while capped here the market will remain directly offered. Their department note’s the base of the cloud lies at 1.2939 and is expected to act as additional resistance
Her team highlights that this is considered to be the last defense for the 1.2740 recent low. They expect intraday rallies to fail 1.2977/1.3018 and while capped here the market will remain directly offered. Their department note’s the base of the cloud lies at 1.2939 and is expected to act as additional resistance