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20 Mar 2013
Forex Flash: EUR/USD downside target at 1.2679/61 – Comerzbank
FXstreet.com (Barcelona) - The EUR/USD fell through the 200 day moving average at 1.2876 to 1.2844 yesterday, but it is still to reach the Commerzbank downside target of 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “Longer term we target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, wrote analyst Karen Jones.
“Should a, for today unlikely, break above Tuesday’s high at 1.2970 be seen, though, the 1.3000 mark should be retested”, she continued, pointing then to 1.3046 as target, where it should cap along with the next higher 1.3107 Friday high on a daily New York closing basis. “While this is the case we will retain our medium term bearish forecast”, Jones concluded.
“Should a, for today unlikely, break above Tuesday’s high at 1.2970 be seen, though, the 1.3000 mark should be retested”, she continued, pointing then to 1.3046 as target, where it should cap along with the next higher 1.3107 Friday high on a daily New York closing basis. “While this is the case we will retain our medium term bearish forecast”, Jones concluded.