Commerzbank

Current Trade Summary

Technical Analysis Research | Daily Market Technicals

Current Trade Summary :

EUR/USD Tiny shorts reinstated 1.0615, Add1.0630, stop 1.0675. Exit 1.0350

USD/CHF Holding small longs 1.0050, 1.0025 caution. The pattern could be either a bullish base or a negative

GBP/USD Holding tiny shorts 1.2475 Add 1.2525, stop 1.2585.

AUD/USD Holding tiny shorts .7695. Add .7730, stop .7745. Exit .7550.

USD/JPY Holding small longs 112.17, 111.80 Stop 111.50. Exit 114.70

EUR/JPY Holding tiny longs 118.55 stop 118.15. Exit at market

EUR/GBP Holding small shorts .8530, .8545 Stop .8615, exit .8310.

 

EURUSD : Market again falters at its 20-day ma at 1.0630

EUR/USD near term outlook – negative: The market has again failed at its 20 day ma at 1.0630 and is directly offered below here.
Resistance is reinforced by the 1.0670 3 month downtrend and we continue to target recent lows at 1.0352/40.

The market will remain directly offered below short term downtrend at 1.0670 and last weeks high at 1.0679. Above here lies 1.0820/29, which
represents the 50% retracement and the recent February high.

Where are we are wrong? We stay negative below 1.0830. Only above 1.0830 would introduce scope to 1.0875 December high and the
200 day ma at 1.0955.
Short Term Trend (1-3 weeks): Negative below the 1.0830 area.
Long term trend (1-3 months): Long term targets at 10352/40. Further down lie 1.0000 and .9900 (psychological support and 78.6% retracement of the move 2000 to 2008).

 

 

Marketing communication : This document has not been developed in accordance with legal requirements designed to promote the independence of investment research and its author(s) is/are not subject to any prohibition on dealing in the relevant financial instrument ahead of the dissemination of the marketing communication.

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