Filed Under:
Forex pairs in this Article » EUR/USD (Barcelona) - The EURUSD has retested the 1.3000 resistance and continues to face dense resistance directly overhead in the 1.3075-1.3180 band. (recent high, triple Fibonacci retracement and the 2011- 2012 downtrend). "While we acknowledge that Euro is bid near term, we consider the upside to be limited. In addition to the resistance we note the TD perfection set up on the daily chart and the 13 count on the 240 minute chart, extreme caution warranted", wrote analyst Karen Jones, pointing to initial supports at 1.2916, the 55 day ma and the 1.2880 28th November low ahead of the 1.2795 200 day MA, that guards the 1.2661 recent low.

"Above 1.3180 would force us to neutralize our outlook as this would introduce scope to 1.3487/1.3519 (2012 high/50% retracement of move down from the 2011 peak and 200 week ma)", Jones added.
comments powered by Disqus