Browse: Home > Forex: EUR/USD: Market will remain bid while below 1.5020 - Commerzbank
Monday, November 16, 2009
Mon, Nov 16 2009, 08:47 GMT
FXstreet.com (Barcelona) - Euro recovery from 1.4825, has extended to levels close to 1.5000 on early European morning, although, according to Karen Jones, technical analyst at Commerzbank, the pair short-term risk is a sell-off to 1.4718.
On the intra-day basis, Jones observes the pair offered while below 1.5020: "The short term risk is that the market will sell off to the 1.4718 region (55 day ma and uptrend). The market will remain offered intraday while capped by 1.5020."
On the upside, Jones points out to 1.5065 resistance area: "Above the October 1.5064 high targets 1.5245/87, the 78.6% Fibonacci retracement of the 2008 decline and May 2008 low."