OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD is upside corrective short term - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank, suggests that EUR/USD is staging a correction to the upside, but the rally is short-term and should fail at the 1.2955/1.3100 band.

Key quotes

"The market remains under pinned short term by a near term support line at 1.2693, and while above here a near term upside bias remains."

"Loss of 1.2693 should be enough to cast attention back to the 1.2500/1.2460 supports (recent low and 78.6% retracement)."

"Current position: Holding tiny long 1.2758. Recommended trade:. add 1.2710, raise stop from 1.2670 to 1.2690. Exit 1.2950."

EUR/USD is testing 1.2830/40 area of resistance

EUR/USD settled above 1.28 posting 3-day high at 1.2837 in early Europe, but failed to break higher; it’s currently trading at 1.2816.
Read more Previous

Gold gains as China data fails to calm market nerves

Gold prices inched higher today during the Asian session as the Asian equity markets erased gains even though the official data in China showed the world’s second largest economy grew slightly more than expected.
Read more Next
Start livechat