ommerzbank EUR/USD outlook EUR/USD held sideways yesterday. The market recently surged into new 23 month highs. The next resistance is the top of the 3 month channel at $1.3833/42, this is also the location of the 61.8 percent retracement of the move down from 2011 and represents the last defence for the major resistance at $1.3958/$1.4002 band, which represents the 50 percent retracement of the move down from 2008 and the 2008-2013 resistance line. While we acknowledge that the market is bid near term, we have very little to suggest that this latter level will be overcome. The market is immediately bid above $1.3646, the 3rd October high. This guards the more important $1.3472 16th October low and the $1.3372 base of the 3 month up channel.
Posted on: Thu, 24 Oct 2013 10:04:59 +0000
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