Feb 18, 2013
Forex: EUR/USD targets 1.3273, initial resistance at 1.3463 - Commerzbank
Commerzbank analysts have their eye on the 1.3273 3 month uptrend as the EUR/USD gets increasily under pressure: "The 1.3273/56 band is key support near term, this is the 16th Jan low, the 61.8% retracement and 3 month support line. This is likely to hold the initial test – however the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones, pointing only to recovery above 1.3520 to neutralize the immediate outlook and potentially re-target the 1.3711 February high (not favoured). "Initial resistance is the accelerated downtrend at 1.3463", Jones added.