FXstreet.com (Barcelona) - Commerzbank analysts observe the EUR/USD declining towards key supports at 1.2902, 1.2836 (200 day ma and uptrend) and expect the 200-day MA to be the market focus and to hold the initial test. “Failure here would be viewed as negative, and it should be noted that we are viewing the pattern more negatively as it looks more like a potential top rather than a continuation pattern at this stage”, wrote analyst Karen Jones, pointing to 1.2738 then 1.2605 (38.2% and 50% retracements) in case of failure at the moving average. “Rallies will find initial resistance at 1.3025/84 ahead of the more important 1.3140/80 zone”, Jones added.
Forex Flash: EUR/USD focused on 200-day MA, 1.2836 - Commerzbank
Fri, Oct 26 2012, 07:07 GMT | FXstreet.com
EUR/USD May 19 at 04:50 GMT
1.2825/30 (-0.09%)
H1.2839 L 1.2828
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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.
