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19 Jun 2013
Flash: EUR poised to challenge tough resistance at 1.3454/57 - Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank said that the EUR/USD charted a minor new high.
Overhead lies 1.3440/52, the 200 week ma and the 2011-2013 resistance line. She explains that this is key resistance and she looks for this to hold and provoke failure.
They will need a break below the June 10th low at 1.3177 in order to alleviate immediate upside pressure. “A drop below this level would lead to the 55+ 200 day moving average at 1.3072/3 being targeted”. Below these levels, she sights support at 1.2838/1.2796 which guards the 1.2740 April low and resistance at 1.3510 (78.6% retracement) is seen by her as the last defense for the 1.3711 2013 high.
Overhead lies 1.3440/52, the 200 week ma and the 2011-2013 resistance line. She explains that this is key resistance and she looks for this to hold and provoke failure.
They will need a break below the June 10th low at 1.3177 in order to alleviate immediate upside pressure. “A drop below this level would lead to the 55+ 200 day moving average at 1.3072/3 being targeted”. Below these levels, she sights support at 1.2838/1.2796 which guards the 1.2740 April low and resistance at 1.3510 (78.6% retracement) is seen by her as the last defense for the 1.3711 2013 high.