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Forex Flash: EUR/USD sees technical indicators turning more negative - Commerzbank

By FXstreet.com,  October 11, 2012, 04:10:00 AM EDT

FXstreet.com (Barcelona) - Having sold off towards the 200-day moving average, at 1.2823, Commerzbank analysts see technical indicators turning more negative and "and we look for rallies to remain tepid and for the 1.2763 3 month uptrend to come under attack", wrote analyst Karen Jones, pointing to increasing downside pressure below 1.2763, targeting 1.2605 and 1.2472 (50% and 61.8% retracements of the move seen since July".

While above 1.2763, there is still chance of getting back to 1.3072 and the 1.3173/77 band (recent high and the Fibonacci retracement/78.6% retracement of the move seen this year), with expected failure there.




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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