Tuesday, July 19, 2011

Commerzbank: comments on EUR/USD - 19 July 2011

Technical analysts at Commerzbank note that yesterday the single currency found support in the $1.4000 area versus the greenback and managed to close in the $1.4100 zone posting some gains.

The specialists, however, retain their negative view on EUR/USD as long as the pair is trading below the downtrend line at $1.4487.

According to the bank, resistance for euro is situated at last Thursday’s maximum of $1.4282 and the 55-day MA at $1.4330.

h4 eurusd 11-44
Chart. H4 EUR/USD

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