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19 May 2015
EUR/USD vulnerable, further downside likely – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could extend its correction lower today with good support expected in the mid-1.10s.
Key Quotes
“EUR/USD is showing signs of failure ahead of the 1.1513/34 February high and 50% retracement – this is an interim target and we are not surprised to see some profit taking”.
“The market has started to erode the near term uptrend at 1.1314 and this leaves it vulnerable to further weakness today. We should find some support at 1.1160 the 20 day ma and continue to find good support offered by 1.1052, the 26th March high and the 1.10125 support line. A drop below here is needed to negate upside pressure and focus attention on the downside”.
Key Quotes
“EUR/USD is showing signs of failure ahead of the 1.1513/34 February high and 50% retracement – this is an interim target and we are not surprised to see some profit taking”.
“The market has started to erode the near term uptrend at 1.1314 and this leaves it vulnerable to further weakness today. We should find some support at 1.1160 the 20 day ma and continue to find good support offered by 1.1052, the 26th March high and the 1.10125 support line. A drop below here is needed to negate upside pressure and focus attention on the downside”.