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Forex Flash: EUR/USD to bounce further – Commerzbank

By FXstreet.com,  June 05, 2012, 02:28:00 AM EDT

FXstreet.com (Barcelona) - Although the EUR/USD targets 1.1876 (2010 low) in the med term, according to Commerzbank analysts, the pair should continue its bouncing movement after the deep plunge, oversold conditions and extreme short positioning.

"The 1.2522 level has now been reached with the downtrend channel line at 1.2511 having been breached today. Further resistance comes in around the 1.2625 January low which coincides with last week's high", wrote analyst Karen Jones, pointing to downside pressure while below that resistance.

On the downside, the loss of 1.2288 handle should sent the pair down to 1.2058 (200-day MA) and 1.2000 sentiment level.




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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