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19 Dec 2013
Flash: EUR/USD downside outside day leaves 1.3607 uptrend exposed - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD has seen an outside day to the downside, finally failing at the 1.3833 high.
Key Quotes
“In order to alleviate upside pressure further a break below the uptrend at 1.3607 is needed. This is also the location of the 55 day ma at 1.3603 and failure here should provoke a return visit to
1.3300/1.3273 recent low, Fibo and 200 day ma).”
“Rebounds should now be tepid and we would allow for a tiny bounce to 1.3685 ahead of further losses. There is also a time zone gap to 1.3732, which may be filled. Directly over head lies the 1. 3812/33 resistance and we look for this to cap.”
Key Quotes
“In order to alleviate upside pressure further a break below the uptrend at 1.3607 is needed. This is also the location of the 55 day ma at 1.3603 and failure here should provoke a return visit to
1.3300/1.3273 recent low, Fibo and 200 day ma).”
“Rebounds should now be tepid and we would allow for a tiny bounce to 1.3685 ahead of further losses. There is also a time zone gap to 1.3732, which may be filled. Directly over head lies the 1. 3812/33 resistance and we look for this to cap.”