Monday, July 11, 2011

Commerzbank: Bearish view on EUR/USD

The single currency went down from last week’s maximums versus the greenback in the $1.4575 getting below the uptrend support line at $1.4156.

Technical analysts at Commerzbank believe that the pair EUR/USD is now poised down to 200-week MA $1.4024, the recent minimum at $1.3968 and the 200-day MA at $1.3907.

According to the bank, on the upside the pair will be limited by resistance at $1.4400 and $1.4538/80.

h4 eurusd 13-45


Chart. H4 EUR/USD

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