5 Dec 2013
Flash: EUR/USD stalling at the top of the pattern at 1.3640 - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD continues to struggle at the top of the rising wedge pattern.
Key Quotes
“This offers resistance at 1.3640 today and support at 1.3503. We continue to view the pattern as a potential rising wedge pattern and a close below 1.3503 will complete it.”
“We look for the 1.3295/94 zone to be retested (current November low and the 50% retracement of the move up from July).”
“A close below 1.3503 will target initially 1.3250 then the 61.8% retracement at 1.3166. If we utilise the move down from October and measure down a move of equal magnitude, this would offer a potential longer term target of 1.2892.”
“Above 1.3650, will allow for another run up to 1.3750, 1.3833 which is expected to provoke failure.”
Key Quotes
“This offers resistance at 1.3640 today and support at 1.3503. We continue to view the pattern as a potential rising wedge pattern and a close below 1.3503 will complete it.”
“We look for the 1.3295/94 zone to be retested (current November low and the 50% retracement of the move up from July).”
“A close below 1.3503 will target initially 1.3250 then the 61.8% retracement at 1.3166. If we utilise the move down from October and measure down a move of equal magnitude, this would offer a potential longer term target of 1.2892.”
“Above 1.3650, will allow for another run up to 1.3750, 1.3833 which is expected to provoke failure.”