Tuesday, July 12, 2011

Commerzbank: EUR/USD will fall to $1.3685

The single currency breached the uptrend support line at $1.4161, May minimum at $1.3968, the 200-day MA at $1.3908 and 50% Fibonacci retracement support at $1.3900.

Technical analysts at Commerzbank believe that the pair EUR/USD will slump to the 2010-2011 uptrend support line at $1.3685.

According to the bank, on the upside resistance is found at $1.3900, $1.4076 and $1.4161. 

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