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Forex Flash: EUR/USD looking at 1.2970 2012-2013 uptrend - Commerzbank

By FXstreet.com,  January 08, 2013, 03:29:00 AM EDT

FXstreet.com (Barcelona) - The EUR/USD is bouncing from the 1.2970-1.3000 region, key short term support (6 month uptrend, the 50% retracement of the move up from November and the 55 day moving average). "While we would allow for this to hold the initial test, we are increasingly viewing the recent high at 1.3310 as an interim peak", wrote analyst Karen Jones, pointing to attention on the 1.2970 2012-2013 uptrend, failure of which would l target 1.2675/61 first. "Intraday rallies should now find resistance at 1.3149/85 and we suspect will remain capped by 1.3310", she added.




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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