Forex Flash: EUR/USD charting suggests slide towards 1.3008/00 - Commerzbank
Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - Commerzbank analysts suggest a slide back towards 1.3008/00 due to the deteriorating chart since yesterday that looks to have completed a small top short term 1.33085-1.3158. "Ahead of here lies 1.3061 (38.2% retracement) and the 1.3019 2 month support line. To confirm that the market has topped here we will need a close below the 1.2930 2012-2013 uptrend. We note the divergence of the weekly RSI and this does suggest caution in the upmove", wrote analyst Karen Jones, unable to rule out a rally to the 1.3487/1.3528 (February high, 50% of the 2011-to-2012 decline and the 200 week moving average) resistance area should 1.3000-1.2930 hold the downside. "Intraday rallies are likely to find resistance at 1.3190/1.3233", Jones added.