Mar 21, 2013
Forex Flash: EUR/USD targets 1.3000 - Commerzbank
FXstreet.com (Barcelona) - The EUR/USD is now targeting the minor psychological level at 1.3000 and, “if bettered, the two month downtrend channel resistance line at 1.3026 will be in focus as well”, according to Commerzbank analysts. “This should cap with the next higher 1.3107 Friday high on a daily New York closing basis, however. While this is the case we will retain our medium term bearish forecast”, wrote analyst Karen Jones, pointing to downside targets at 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.