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EUR/USD targets the mid-1.2700s – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees potential for a descent towards 1.2700 in the near term.

Key Quotes

EUR/USD’s 1.2834 low has not been confirmed by the daily RSI and this does throw up a red flag for the down move – we would continue to tighten stops on short positions”.

“Directly overhead we find the accelerated downtrend at 1.2951 today and the market is offered while capped here”.

“We target the 1.2755 July 2013 low and the 1.2661 November 2012 low shorter term”.

“Longer term target remains the 200 month ma at 1.2208. Above 1.2951/1.3000, we have the 23.6% retracement at 1.3105 and the 1.3222 28th August high.

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