10 Jun 2013
Flash: EUR rallied to the top of the 3 month channel - Commerzbank
FXstreet.com (London) - The technical analysis teams at Commerzbank explained that the EUR/USD rallied last week to the top of the 3 month channel at 1.3292.
EUR/USD ABC Correction - Commerzbank
They said directly above here lies the 61.8% retracement at 1.3340 and it is possible that this was an ‘a-b-c’ correction (wave 4). This move higher is already complete and over. However we will need a break below the accelerated uptrend at 1.3152 in order to alleviate immediate upside pressure.
EUR/USD Levels - Commerzbank
They went onto to add that above 1.3340 lies 1.3454/57, the 200 week ma and the 2011-2013 resistance line. They look for this to hold and provoke failure. This is considered key resistance. Minor support lies at 1.3152 (accelerated uptrend), below here would alleviate upside pressure and trigger a slide below 1.2955 to refocus attention on to 1.2821/1.2796, this guards the 1.2740 April low and the 1.2679/61 long term Fibo.
EUR/USD ABC Correction - Commerzbank
They said directly above here lies the 61.8% retracement at 1.3340 and it is possible that this was an ‘a-b-c’ correction (wave 4). This move higher is already complete and over. However we will need a break below the accelerated uptrend at 1.3152 in order to alleviate immediate upside pressure.
EUR/USD Levels - Commerzbank
They went onto to add that above 1.3340 lies 1.3454/57, the 200 week ma and the 2011-2013 resistance line. They look for this to hold and provoke failure. This is considered key resistance. Minor support lies at 1.3152 (accelerated uptrend), below here would alleviate upside pressure and trigger a slide below 1.2955 to refocus attention on to 1.2821/1.2796, this guards the 1.2740 April low and the 1.2679/61 long term Fibo.