Feb 15, 2013
Forex Flash: EUR/USD focused on 1.3264, move above 1.3520 neutralizes outlook – Commerzbank
Commerzbank analysts say that only a recovery above 1.3520 would neutralize the immediate outlook and potentially re-target the 1.3711 February high. In the meanwhile, attention has has reverted to the 1.3264 (3 month uptrend), with the 1.3270/56 band as key near term (16th Jan low and the 61.8% retracement and 3 month support line). "This is likely to hold the initial test – however the risks have increased that we will see an eventual break down through here towards the more important 1.3164 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones.