FXstreet.com (Barcelona) - This week’s opening selloff has reached 1.0122 (61.8% Fib of October upside) and Commerzbank analysts expect a further drop towards 0.9950/19 (double Fibo). Negative technical indicators should eventually lead to a decline towards long term target at 0.9407/0.9388 (2011 low and 2009/April 2010 highs).
“We have a time zone gap back to 1.0181 which is likely to be partially filled ahead of further losses. Rallies should remain capped now by 1.0248/93, the 50% retracement of the last leg down and the April low”, wrote analyst Karen Jones.
“We have a time zone gap back to 1.0181 which is likely to be partially filled ahead of further losses. Rallies should remain capped now by 1.0248/93, the 50% retracement of the last leg down and the April low”, wrote analyst Karen Jones.
