Mar 28, 2013
Forex Flash: EUR/USD on course for 1.2679/61
FXstreet.com (Barcelona) - More weakness in the chart followed its recent break below its 200 day ma and the EUR/USD remains on course for 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “We would allow this to hold the initial test and allow for some profit taking here. The market remains directly offered intraday below 1.3003/50”, wrote analyst Karen Jones, pointing to longer term target at 1.2400 and then 1.2042, the 2012 low. “Above 1.3050 would initiate a deeper retracement to 1.3100/80 prior to another leg lower”, added the Commerzbank analyst.