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21 Jun 2013
EUR/USD backed away from the 200d ma
FXstreet.com (London) - Karen Jones at Commerzbank noted that EUR/USD has backed away from 1.3440/52.
This is below the the 200 week ma and the 2011-2013 resistance line. She said this is key resistance and we are at last seeing signs of failure. Initial support at 1.3177 has been eroded (but not on a closing basis) but to really get attention diverted to support the 55 and 200 day moving average at 1.3080/74.She explains that currently the Elliott wave count is suggesting we will see a pullback to 1.3125/1.3055. Below 1.3073 will trigger losses to 1.2841/1.2796 support line, which guards the 1.2740 April low.
This is below the the 200 week ma and the 2011-2013 resistance line. She said this is key resistance and we are at last seeing signs of failure. Initial support at 1.3177 has been eroded (but not on a closing basis) but to really get attention diverted to support the 55 and 200 day moving average at 1.3080/74.She explains that currently the Elliott wave count is suggesting we will see a pullback to 1.3125/1.3055. Below 1.3073 will trigger losses to 1.2841/1.2796 support line, which guards the 1.2740 April low.