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8 Jan 2014
Flash: EUR/USD still consolidating losses - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that for EUR/USD she maintains a negative bias, following the erosion of the 23.6% retracement and 20th December low at 1.3625.
Key Quotes
“We favour further losses to 1.3329/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At the end of last year we saw the market spike towards and fail at the 2008-2014 resistance line, this is currently located at 1.3885. Coupled with the divergence of the daily and weekly RSI, we look for further weakness and we should see the market come under further downside pressure.”
“Rebounds should now struggle 1.3660/95 and be contained by 1.3740.”
Key Quotes
“We favour further losses to 1.3329/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At the end of last year we saw the market spike towards and fail at the 2008-2014 resistance line, this is currently located at 1.3885. Coupled with the divergence of the daily and weekly RSI, we look for further weakness and we should see the market come under further downside pressure.”
“Rebounds should now struggle 1.3660/95 and be contained by 1.3740.”