Jan 17, 2013
Forex Flash: EUR/USD with scope for rally towards 1.3485/1.3560 - Commerzbank
FXstreet.com (Barcelona) - Commerzbank analysts admit that the recent break through the 1.33085 high suggests unfinished business on the topside, but the EUR/USD is still under corrective action after being capped by 1.3400 resistance. There is scope for a rally towards tough long term resistance at 1.3485/1.3560 this is the location of the 2012 high (double Fibonacci retracement, the 200 week moving average and the 55 MONTH moving average), according to analyst Karen Jones, while looking for this to hold the topside and provoke failure. “Nearby support is 1.3250/00 – below here would leave the market simply ranging and heading back to the base of the channel at 1.3074. Key support is 1.30009/00 – the 6 month uptrend”, Jones wrote.