Apr 15, 2013
Forex Flash: EUR/USD to resume down move after failing at 1.3135 - Commerzbank
FXstreet.com (Barcelona) - The EUR/USD failed at its 55 day ma at 1.3135 but current indications maintain that the market will fail here (Elliott wave count and TD perfection set-up) and “we look for the resumption of the down move”, according to Commerzbank analysts. “We suspect loss of the 12th April low at 1.3036 should be enough to de-stabilize the chart near term. Intraday the market should then find initial support circa 1.2995/47 and the 200 day ma at 1.2913”, wrote analyst Karen Jones, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low). “Longer term we remain negative and target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.