Monday, July 4, 2011

Commerzbank: Comments on EUR/USD

Technical analysts at Commerzbank note that the single currency has found support in the $1.4305/1.4407 area trading versus the greenback. In their view, the chances that the pair EUR/USD will manage to hold above the important level at $1.4129 have increased.

The specialists claim that further support is situated at the 200-week MA of $1.4021, the May minimum of $1.3968 and the intersection with 200-day MA of $1.3887.

According to the bank, as on Friday the pair EUR/USD has closed at the top of the weekly trading range, it’s now more likely be able to break above $1.4732 and climb later to $1.4940/ $1.5145.  

h4 eurusd 13-23

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