Apr 18, 2013
Forex Flash: EUR/USD to resume down move towards 1.2740 - Commerzbank
FXstreet.com (Barcelona) - The EUR/USD failed at the 1.3225/50% retracement once again. “Current indications remain that the market will remain capped here (Elliott wave count and TD perfection set-up) and we look for the resumption of the down move. Intraday the market has found some support at 1.3000/1.2995 and this guards the 200 day ma at 1.2922 en route to the 1.2740 recent low”, wrote Commerzbank 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), while a deeper retracement to 1.3340 and possibly 1.3503 would happen once above 1.3225.