Forex Flash: EUR/USD to fail at 1.3122 resistance - Commerzbank
Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - Commerzbank analysts expect the rebound from the Nov-28 low at 1.2880 to resume and reach the 1.3122 resistance line and the 1.3150/80 major resistance after having already breached the 1.3023 zone. "We look for failure shortly and for a slide back to the 1.2880/76 support", wrote analyst Karen Jones. "Key support is seen as 1.2815, the 2011-2012 support line, failure here should provoke losses to 1.2783, the 200 day ma then the 1.2661/24 November low and January low. Initial support lies at 1.3023, 1.3000 - the market will need to slide back below here to alleviate immediate upside pressure", added the Commerzbank analyst.