Browse: Home > EUR/USD failure at 1.3000 sets the pair under pressure - Commerzbank
Thursday, July 22, 2010
Forex Special (Barcelona) - The Euro failed on its three attempts to break above 1.3000 before pulling back to levels below 1.2800 shifting the pair focus to the downside, according to Karen Jones, technical analyst at Commerzbank.
Failure to gain 1.3000 level has added downside pressure, with the pairfocusing on 1.2578 support, affirms Jones: "The failure to gain a foothold above here has left it on the defensive and attention is on underlying support. This is available at 1.2578."
On a general overview, however, Jones observes the pair slightly biased to the upside: "We remain slightly biased to the topside as last week we saw the market sever its 7 month downtrend. We also have an inverse head and shoulders pattern on the chart, which offers a minimum upside measured target to 1.3120/50."