Apr 17, 2013
Forex Flash: EUR/USD to fail ahead of the 1.3225/50% retracement - Commerzbank
FXstreet.com (Barcelona) - Having recovered most of the previous days’ losses and charted a new 6 week high, “we look for the market to fail ahead of the 1.3225/50% retracement”, say Commerzbank analysts, expecting the resumption of the EUR/USD down move. “Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low. Key support remains 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, pointing to a deeper retracement to 1.3340 and possibly 1.3503 (not favored) above 1.3225.