Friday, March 12, 2010

EUR/USD Important resistance area at 1.3750/1.3875 - Commerzbank



EUR/USD Important resistance area at 1.3750/1.3875 - Commerzbank

(Barcelona) - Dollar strength seems to be losing steam and the Euro and other considered higher yielding currencies are drifting higher, with the common currency approaching important resistance at 1.3750/1.3875 area, according to Karen Jones, technical analyst at Commerzbank.

The Euro trades now around 1.3700 and approaches 1.3750/1.3875, which, according to Jones, contains several resistance levels: "EUR/USD is slowly drifting higher. Overhead resistance remains prolific above the market at 1.3750-1.3875 – this contains a double Fibonacci retracement, the short term downtrend and pivot."

On the downside, bearish reaction below 1.3530 will cancel upside momentum, says Jones: "Near term risk is shifting to the topside and only a break below nearby support at 1.3530, will alleviate upside pressure for a slide to key support, which remains 1.3445/05 (recent low and medium term Fibonacci retracement)."

EUR/USD (Mar 12 at 20:36 GMT)

1.3755/59 (0.56%)

H 1.38 L 1.3667

S3S2S1R1R2R3
1.36811.37161.37501.37571.37911.3826
[?]Trend Index[?]OB/OS Index
Slightly BullishNeutral
Data updated on Mar 12 at 20:23 (15-minute timeframe)

[ View EUR/USD Technical Studies ]

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