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16 Sep 2013
Flash: EUR/USD reached 78.6% Aug-Sep decline – Commerzbank
FXstreet.com (London) - Karen Jones, chief analyst at Commerzbank notes that a significant level had been reached in EUR/USD, while the pair currently trades 1.3339 spot.
Key Quotes:
“EUR/USD has accelerated higher to 1.3378 where the 78.6% retracement of the August-to-September decline can be seen”.
“The Intraday charts are suggesting that this will extend to 1.3453 August high possibly 1.3520, but is unlikely to reach the 1.3711 January high”.
“The market will stay immediately bid above the 1.3284 accelerated uptrend, only below here alleviates immediate upside pressure for a slide back to the 1.3214/1.3157 55 and 200 day moving average and then the 1.3104/5 September low”.
Key Quotes:
“EUR/USD has accelerated higher to 1.3378 where the 78.6% retracement of the August-to-September decline can be seen”.
“The Intraday charts are suggesting that this will extend to 1.3453 August high possibly 1.3520, but is unlikely to reach the 1.3711 January high”.
“The market will stay immediately bid above the 1.3284 accelerated uptrend, only below here alleviates immediate upside pressure for a slide back to the 1.3214/1.3157 55 and 200 day moving average and then the 1.3104/5 September low”.