Forex Flash: EUR/USD bounce to stall at 1.2800/10 - Commerzbank

FXstreet.com (Barcelona) - Commerzbank analysts expect the current EUR/USD bounce to stall at 1.2800 level and the 200 day moving average at 1.2810. “Rallies should be contained by the short term downtrend and 55 day moving average at 1.2877/93”, wrote strategist Axel Rudolph, overall negative for the pair as it broke down from a symmetrical triangle last week, offering a downside measured target to 1.2483. “Also found here is 1.2474, the 61.8% Fibonacci retracement of the move up from July”, Rudolph added, pointing to initial support is 1.2607, the 50% retracement.

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