Apr 3, 2013
Forex Flash: EUR/USD immediate bias negative on course for 1.2679/61 - Commerzbank
FXstreet.com (Barcelona) - The EUR/USD maintains an immediate negative bias for having rallied towards and again been rejected by its 200 day MA, at 1.2890. ”It remains on course for 1.2679/61, this is the 61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low”, wrote analyst Karen Jones, expecting this to hold the initial test and allow for some profit taking here. “The market remains directly offered intraday below the 1.2931 resistance line. Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, Jones added, pointing to 1.2931 resistance ahead of last week’s high at 1.3050 which in turn guards 1.3100/80 (“while capped here a negative bias is entrenched”).