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Forex Flash: Minor pullback expected after Bund profit taking – RBS

By FXstreet.com,  January 16, 2013, 04:33:00 AM EDT

FXstreet.com (Barcelona) - "Partial Bund profits were taken near the first target level of 143.30, which is Fibonacci retracement of the recent impulse wave. After a minor correction however, which could form an inverse head and shoulders, we would expect a continuation of recovery to 143.78 and 144.17." predicts Dmytro Bondar, a Technical Strategist at RBS.

As such, "A good support should be expected at the 142.90/95 level, where both the 200-day MA and retracement from the July 2012 impulse wave lie. Momentum is now showing a clear positive divergence with the price action. Below that support levels include the 142.52, 142.18/00 and 141.74 levels, which are Fibonacci retracements from July 2012 impulse wave and projections from the recent selloff on a continuation chart." Bondar outlines.




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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