EUR/USD: Losses to 1.2000 might be seen – Commerzbank

FXstreet.com (Barcelona) – The Euro has dropped sharply this week, breaking below the “triangle pattern, to erode the 200-day MA and November’s low at 1.2970, increasing the odds for a downside continuation to 1.2000, says Karen Jones, technical analyst at Commerzbank. Breach below the “Triangle pattern” has increased bearish pressure on the pair, which according to Jones, could be heading towards 1.20: “It is currently eroding the December low at 1.2970. Yes it is under pressure, we have broken down from a symmetrical triangle, which implies losses towards 1.20 will eventually be seen.”

Next downside targets, according to Jones , lie at 1.2953 and 1.2795: “Initial target is 1.2795, the 61.8% retracement of the move seen in the second half of the year. Minor support lies at 1.2853.”

Advertisements

About abwehra group

The Art&Science of Trading Gold
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s