Apr 4, 2013
Forex Flash: EUR/USD consolidates at 200-day MA, with negative bias - Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts see the EUR/USD consolidating below its 200 day ma and resistance line at 1.2892/1.2912, “and while capped here a negative bias is maintained”. “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. We would allow this to hold the initial test and allow for some profit taking here”, wrote analyst Karen Jones, pointing to longer term target at 1.2400 and then 1.2042 (2012 low). “The 1.2912 resistance line guards last week’s high at 1.3050 which in turn guards 1.3100/80 – while capped here a negative bias is entrenched”, Jones added.