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18 Dec 2013
Flash: EUR/USD holding below the 1.3833 high - Commerzbank
FXstreet.com (Barcelona) - Karen jones, Head of Technical Analysis at Commerzbank notes that EUR/USD is still holding just below the 1.3833 recent peak, but is starting to ease back from here.
Key Quotes
"Ideally we would like to see this hold the topside and provoke failure, however in order to alleviate upside pressure a break below the uptrend at 1.3596 is needed. Intraday charts are giving conflicting signals, but we suspect we will see further upside probes."
"Directly above 1.3833 lies 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line). This offers formidable resistance and we look for failure here."
Key Quotes
"Ideally we would like to see this hold the topside and provoke failure, however in order to alleviate upside pressure a break below the uptrend at 1.3596 is needed. Intraday charts are giving conflicting signals, but we suspect we will see further upside probes."
"Directly above 1.3833 lies 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line). This offers formidable resistance and we look for failure here."