Flash: 1.2985/1.3020 on the cards - Commerzbank

FXstreet.com (London) - Analyst, Axel Rudolph, Commerzbank said that the euro yesterday managed to stabilise at 1.2821, not far above last week’s 1.2796 low.

Since a bounce was seen he believes that further upside towards the 55- and 200-day moving averages at 1.2985/1.3020 is on the cards for the days to come, provided, of course, that 1.2821 underpins. He see’s key short term resistance is the resistance line drawn from the February peak which is located at 1.3117 and say’s only an unexpected rise above the 1.3243 current May high would negate our bearish outlook. 1.2796 is considered to be the last defence for the 1.2740 April low.