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27 Jan 2014
Flash: What lies ahead of the EUR/USD? – Commerzbank and TD Securities
FXstreet.com (Edinburgh) - The EUR/USD continues to hover over the 1.3700 handle on Monday, unable to gather further traction despite the German IFO surpassed expectations.
“Failure at 1.3810 should see a return visit to the trendline at 1.3529 and also the 1.3485 55 month ma. These remain the near term break down points to the 1.3362 200 day ma”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Chief FX Strategist Shaun Osborne at TD Securities commented, “We still rather think the salient features of the longer term chart is the major trend resistance off the 2008 high (1.3871) and the market’s obvious struggles to push and hold above 1.37/1.38. We prefer to look for opportunities to sell”.
“Failure at 1.3810 should see a return visit to the trendline at 1.3529 and also the 1.3485 55 month ma. These remain the near term break down points to the 1.3362 200 day ma”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.
In addition, Chief FX Strategist Shaun Osborne at TD Securities commented, “We still rather think the salient features of the longer term chart is the major trend resistance off the 2008 high (1.3871) and the market’s obvious struggles to push and hold above 1.37/1.38. We prefer to look for opportunities to sell”.