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27 Mar 2013
Forex Flash: EUR/USD directly offered while below 1.3037/50, targets 1.2679/61 – Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts have a negative outlook as the market remains directly offered intraday below 1.3037/50 and targets 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low), “Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, wrote analyst Karen Jones.
“We have a number of resistances converging around circa 1.3037/50 – the 23.6% retracement. Only above here would initiate a deeper retracement to 1.3100/80 prior to another leg lower”, she added.
“We have a number of resistances converging around circa 1.3037/50 – the 23.6% retracement. Only above here would initiate a deeper retracement to 1.3100/80 prior to another leg lower”, she added.