Forex Flash: EUR/USD could reach 1.4261 if goes above 1.3833 - Commerzbank

FXstreet.com (Barcelona) - With a weekly close above the 200 week ma and the 55 MONTH moving average, “we will need to adjust higher our forecast and outlook”: “The weekly close above 1.3564 introduces scope to 1.3833, the 61.8% retracement of the move down from the 2011-2012 move”, wrote analyst Karen Jones, adding that “the move on Friday does look a little over-stretched and we would allow for some retracement towards the 6 week accelerated uptrend at 1.3459 ahead of further gains”. Above 1.3833, the Commerzbank analyst would allow for a move to the 1.4261 2008-2013 downtrend in the slightly longer term.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS