Feb 21, 2013
Forex Flash: EUR/USD may close below 1.3202 key support - Commerzbank
The EUR/USD recent rebound from the 1.3315/00 area of support (long term Fibo retracement and the 3 month uptrend) was extremely tepid and market breached below it yesterday. “Key support at 1.3202, the 7 month uptrend, is exposed and a close below here is required to negate the up move completely”, wrote analyst Karen Jones. “Please note given strength of the US Dollar elsewhere this is looking increasingly likely”, she added, negative biased while capped by the 1.3434/1.3520 resistance. “Only above here will suggest another run up to the 1.3711 recent high (not favored)”, the Commerzbank analyst concluded.