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Forex Flash: Key EUR/USD MA´s remain in focus - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank believes that the 55 & 200 daily MA´s at 1.3017 & 1.2985 will remain in focus today.

She notes that EUR/USD has charted an inside day to leave her view unchanged and spot continues to sit on the 55 day ma at 1.3017 and the 200 day ma at 1.2985. She sees that directly overhead lies hefty resistance at 1.3225/43 (50% retracement and last Wednesday’s high) and a break back below the 200 day moving average at 1.2985 will undermine near term stability. She feels that in this case the 1.2954 support area (24th April low) 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 and intraday rallies are likely to find nearby resistance at 1.3138/63.

She is currently short at 1.3171, and recommends a stop at 1.3205 for a target of 1.2968.

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