Thursday, July 7, 2011

Commerzbank: EUR/USD on its way down to $1.3900

The single currency slumped yesterday versus the greenback breaking below the support provided by the Ichimoku Cloud.

Technical analysts at Commerzbank claim that the pair EUR/USD is now poised down to support line at $1.4145 and then to the 200-week MA at $1.4021, the recent minimum at $1.3968 and finally to the 200-day MA at $1.3900.

According to the bank, strong resistance for euro is found at Wednesday's maximum in the 1.4465 area.

Chart. Daily EUR/USD
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