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May 7, 2013
Forex Flash: EUR/USD depends on break below 55-day MA to confirm a trend reversal lower - Commerzbank
As the EUR/USD is drawn back to two month support line and the 55 day moving average at 1.3061/21, having previously been rejected by hefty resistance at 1.3225/43 (50% retracement and last Wednesday’s high), Commerzbank analysts believe that a break back below the 55 day moving average at 1.3021 remains on the cards and is still needed to confirm a trend reversal lower. “In this case the 1.2980/54 support area (24th April low and the 200 day ma) will be in sight. Failure here will concentrate efforts on to 1.2839, the 78.6% retracement of the move up in April, then the 1.2740 recent low”, wrote analyst Axel Rudolph, adding that resistance remains to be seen between the mid-April high at 1.3202, the four month resistance line at 1.3213 and the April peak at 1.3243.