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Forex pairs in this Article » EUR/USD (London) - Karen Jones, chief analyst at Commerzbank said EUR/USD’s bounce off the 50% retracement of the July-to August rally at 1.3104 has so far taken it to 1.3320 where the 61.8% retracement of the August-to-September decline can be seen.

Key Quotes:

“Intraday charts are looking more positive and we are less convinced that we will see failure here, Indeed they are currently indicating that we should allow for an extension to the 1.3378/78.6% retracement and even
the 1.3453 August high”.

“This should continue to hold and we still look for a slide to 1.3020 and then 1.2904. These are the 61.8% and the 78.6% retracements of the move up from July, en route to the 1.2755 July low”.

“Only an unexpected rise above the August 1.3453 high will allow gains to the 1.3500/20 region. This is not our favoured view and we believe that the currency pair will see another leg lower towards 1.3050/25 instead”.
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