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Forex Flash: EUR/USD with room for a deeper corrective phase - Commerzbank

By FXstreet.com,  July 31, 2012, 07:04:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts say that despite having failed on its initial test of the 23.6% Fib of the move seen in 2012, at 1.2391, there is room for a "slightly deeper corrective phase" as long as the EUR/USD holds above 1.2115 near term. However, the longer term bias is bearish: "Provided the rebound is capped by 1.2546/1.2748 we will continue to maintain an overall longer term negative bias", wrote analyst Karen Jones, considering the market to be upside corrective while above the 1.2115 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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