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Forex Flash: EUR/USD closed week below 78.6% Fib 2010-2011 – Commerzbank

By FXstreet.com,  May 28, 2012, 02:35:00 AM EDT

FXstreet.com (Barcelona) - As Commerzbank analysts note, the EUR/USD has closed the week at 1.2530, below the 78.6% Fib retracement of the 2010-2011 move, which should allow for further decline following a slight rebound: "There is some divergence of the daily RSI and we would allow for a shallow corrective rebound ahead of further losses. Rallies will find initial resistance at 1.2681 and are expected to struggle at 1.2796/1.2825, this is an interim high and Fibonacci retracement ", wrote analysts Karen Jones and Axel Rudolph.

Commerzbank analysts point to 1.2490 as key support ahead of the 55-month moving average at 1.2067. Below that price, the EUR/USD could target 1.1876 (2010 low) and 1.1641 (2005 low).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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