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Forex Flash: EUR/USD 200-day MA back in play - Commerzbank

FXstreet.com (Barcelona) - The 200-day moving average is back in play after last week's EUR/USD brief passage and following bounce from its interim target zone at 1.2913/1.2872 (55 week moving average, December 7 low, 78.6% retracement and 200 day moving average) to 1.3087 where it failed, though.

“Below 1.2870 our short term downside target remains to be seen at 1.2679/61. This is where the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low meet”, wrote analyst Karen Jones, pointing to the 78.6% Fibonacci retracement at 1.2400 on the longer term, followed by the 2012 low at 1.2042.

“While the next higher 1.3107 Friday high caps on a daily New York closing basis, we will retain our medium term bearish forecast”, she added, pointing to 1.2966 (March 1 low) and the 1.3000 mark as resistance today.

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