FXstreet.com (Barcelona) - As the EUR/USD is back trading above 1.3000 and looks set to challenge 1.3050, Commerzbank analysts expect failure there and a retest of 1.2712, trendline support. “However today’s price action should prove key there is no escaping the fact that the market has held its 200 day ma at 1.2824 on a closing basis and that technical indicators remain positive”, wrote analyst Karen Jones, stating that a move past 1.3050 would target 1.3173/77. “Major resistance remains 1.3466/1.3542 (2012 high, the 50% retracement of the 2011-2012 move and the 38.2% retracement of the move down from 2008 and the 200 week ma).
EUR/USD May 22 at 13:35 GMT
1.2937/39 (0.24%)
H1.2957 L 1.2903
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
