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10 Sep 2013
Flash: EUR/USD’s bounce off the 50% retracement - Commerzbank
FXstreet.com (London) - Karen Jones at Commerzbank said EUR/USD’s bounce off the 50% retracement at 1.3104 has so far taken it to 1.3281.
Key Quotes:
“The 1.3300 region could also be reached but around it another down leg should be made”.
“We still look for a slide to 1.3020 and then 1.2904. These are the 61.8% and the 78.6% retracements of the move up from July, en route to the 1.2755 July low”.
“Only an unexpected rise above the August 1.3453 high will allow gains to the 1.3500/20 region”.
“This is not our favoured view and we believe that the currency pair will see another leg lower towards 1.3050/25 instead”.
“Current position: Shorts from 1.3340 have been cashed in at 1.3225. Recommended trade: Sell at 1.3295, stop at 1.3453, target at 1.3025”.
Key Quotes:
“The 1.3300 region could also be reached but around it another down leg should be made”.
“We still look for a slide to 1.3020 and then 1.2904. These are the 61.8% and the 78.6% retracements of the move up from July, en route to the 1.2755 July low”.
“Only an unexpected rise above the August 1.3453 high will allow gains to the 1.3500/20 region”.
“This is not our favoured view and we believe that the currency pair will see another leg lower towards 1.3050/25 instead”.
“Current position: Shorts from 1.3340 have been cashed in at 1.3225. Recommended trade: Sell at 1.3295, stop at 1.3453, target at 1.3025”.