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14 Mar 2013
Forex Flash: EUR/USD aims at 1.2913, 1.2885/76 and 200-day MA at 1.2867 - Commerzbank
Commerzbank analysts see the EUR/USD on course for 1.2913, 1.2885/76 (the 55 week ma, 7th December low and 78.6% retracement), which is in close proximity to the 200 day ma at 1.2867 “and we suspect that we will see this zone hold the initial test.
“Rallies will find a fairly solid band of resistance above 1.3093 to 1.3135 – this is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high”, wrote analyst Karen Jones, targeting 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low) for the short term, while 1.2400 then 1.2050/42 the 2012 low are targeted for the longer term.
“Rallies will find a fairly solid band of resistance above 1.3093 to 1.3135 – this is the location of the accelerated downtrend, a Fibonacci retracement and the 8th March high”, wrote analyst Karen Jones, targeting 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low) for the short term, while 1.2400 then 1.2050/42 the 2012 low are targeted for the longer term.