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13 Jun 2013
Flash: EUR/USD ABC Correction not complete - Commerzbank
FXstreet.com (London) - Analyst, Axel Rudolph for Commerzbank noted that, yesterday, EUR/USD managed to overcome the 1.3319/40 resistance area (25th February high and the 61.8% Fibonacci retracement).
EUR/USD ABC Correction
He there for suggest that the possible April-to-June ‘a-b-c’ correction (wave 4) is thus not complete yet. “We will need a break below the accelerated uptrend at 1.3273 and preferably below Monday’s low at 1.3177 in order to alleviate immediate upside pressure”. He explains that in the short term the mid-January high at 1.3404 is being targeted and above this level will see an extension to 1.3454/57, the 200 week ma and the 2011-2013 resistance line. “We look for this to hold and provoke failure. It is considered key resistance. A drop below 1.3177 would lead to the 200 day moving average at 1.3062 and the 55 day moving average at 1.3033 being back in play.” He said that below support can be seen at 1.2827/1.2796 which guards the 1.2740 April low.
EUR/USD ABC Correction
He there for suggest that the possible April-to-June ‘a-b-c’ correction (wave 4) is thus not complete yet. “We will need a break below the accelerated uptrend at 1.3273 and preferably below Monday’s low at 1.3177 in order to alleviate immediate upside pressure”. He explains that in the short term the mid-January high at 1.3404 is being targeted and above this level will see an extension to 1.3454/57, the 200 week ma and the 2011-2013 resistance line. “We look for this to hold and provoke failure. It is considered key resistance. A drop below 1.3177 would lead to the 200 day moving average at 1.3062 and the 55 day moving average at 1.3033 being back in play.” He said that below support can be seen at 1.2827/1.2796 which guards the 1.2740 April low.