Feb 22, 2013
Forex Flash: EUR/USD confirms negative bias by closing week below 1.3202 - Commerzbank
Commerzbank analysts will keep a negative bias to EUR/USD although still preferring to see a weekly close below here as added confirmation after the erosion of its 1.3202 7 month uptrend. “We have a downside target to 1.2679/61. This is the 61.8% retracement of the move up from July 2012 and the November 2012 low. Initial support is 1.3075/3, the 38.2% retracement of the same move”, wrote analyst Karen Jones, suggesting near term rebounds to terminate circa 1.3270. “The previous 3 month trendline should now act as resistance at 1.3308 and the outlook will stay negative below 1.3435”, she added.