17 Jan 2014
Flash: EUR/USD holding the 6 month support line - Commerzbank
FXstreet.com (Barcelona) - FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that ="http://www.fxstreet.com/technical-studies/currencies/eurusd/">EUR/USD is starting to erode the cloud support.
Key Quotes
“The base of which is located at 1.3564, we have 2 support lines near term hand at 1.3511, 1.3584 and these will all have to be eroded so that the next leg lower can get underway.”
“We continue to look for the market to come under pressure and look for this support to be eroded. Failure here should be enough to trigger further losses to 1.3346/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At this stage we remain unable to rule out a corrective rebound into the 1.3740 area (not favoured) , where we should see the rally fail.”
Key Quotes
“The base of which is located at 1.3564, we have 2 support lines near term hand at 1.3511, 1.3584 and these will all have to be eroded so that the next leg lower can get underway.”
“We continue to look for the market to come under pressure and look for this support to be eroded. Failure here should be enough to trigger further losses to 1.3346/1.3295 (recent low, Fibo and 200 day ma). Initial support is the 1.3525 low from early December.”
“At this stage we remain unable to rule out a corrective rebound into the 1.3740 area (not favoured) , where we should see the rally fail.”