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4 Oct 2013
Flash: EUR/USD reaching its limit for now? – Commerzbank
FXstreet.com (London) - Chief strategist at Commerzbank, Karen Jones, said that the EUR/USD continues to see a decent rebound off the 1.3453 August high and remains bid overall.
Key quotes:
“In addition the market is immediately supported by an accelerated uptrend at 1.3558 and while above here we would allow for a retest of the 1.3670/1.3711 inter year pivot, where we would expect to see failure (December 2004 high and the February 2013 high)”.
“If holding longs, keep stops tight. We note the divergence of the RSI and the TD perfected set up on the 240 minute chart – both imply we should see failure shortly”.
Key quotes:
“In addition the market is immediately supported by an accelerated uptrend at 1.3558 and while above here we would allow for a retest of the 1.3670/1.3711 inter year pivot, where we would expect to see failure (December 2004 high and the February 2013 high)”.
“If holding longs, keep stops tight. We note the divergence of the RSI and the TD perfected set up on the 240 minute chart – both imply we should see failure shortly”.