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Flash: EUR is likely to see a near term correction higher - Commerzbank

FXstreet.com (London) - Commerzbank research teams say the EUR is still likely to see a near term correction higher. Intraday rallies are expected to fail at 1.2972/90 and, while capped here, it will remain directly offered. They went on to ay that this resistance area is made up of the base of the cloud at 1.2972 and the 55 day moving average.

The team sights Key short term resistance as being the resistance line drawn from the February peak which is located at 1.3132. Furthermore, it was explained that only an unexpected rise above the 1.3243 current May high would negate our bearish outlook. Support at last week’s 1.2796 low is considered by them to be the last defence for the 1.2740 April low.

EUR/GBP – high 0.8579

EUR/GBP has enjoyed a Sterling sell off while Retail Sales came in at +0.5% in April vrs +2.0% - not a good result for sterling.
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