19 Dec 2014
EUR/USD approaching 200 month ma at 1.2232 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, the EUR/USD remains under pressure, with attention reverting to the recent low at 1.2232, which is unlikely to hold now.
Key Quotes
“EUR/USD remains under pressure. It has reversed just ahead of cloud resistance at 1.2545 today and the 5 month downtrend at 1.2586.”
“Attention has reverted very quickly to 1.2247/32, the recent low and 200 month ma. This held the downside in 2010 and 2012 but is not expected to hold now.”
“Note longer term we look for a break below 1.2232 to initially the 1.2187 support line then the 1.2042 2012 low and beyond.”
“Above 1.2586 initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”
Key Quotes
“EUR/USD remains under pressure. It has reversed just ahead of cloud resistance at 1.2545 today and the 5 month downtrend at 1.2586.”
“Attention has reverted very quickly to 1.2247/32, the recent low and 200 month ma. This held the downside in 2010 and 2012 but is not expected to hold now.”
“Note longer term we look for a break below 1.2232 to initially the 1.2187 support line then the 1.2042 2012 low and beyond.”
“Above 1.2586 initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”