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16 Dec 2014
EUR/USD holding steady – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, EUR/USD is trading steady keeping the bullish outlook unchanged for an upward climb towards 1.2850 levels.
Key Quotes
“EUR/USD is holding steady to leave the chart outlook unchanged. The market last week eroded its 5 month downtrend and completed a falling wedge reversal pattern, this offers an upside measured target to 1.2850.”
“Initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”
“Note longer term we look for a break below 1.2232 to initially the 1.2042 2012 low and beyond (but not at this time).”
Key Quotes
“EUR/USD is holding steady to leave the chart outlook unchanged. The market last week eroded its 5 month downtrend and completed a falling wedge reversal pattern, this offers an upside measured target to 1.2850.”
“Initial resistance lies 1.2600/14, the recent high and October 10 and 23 lows. Key resistance above here is regarded as 1.2740/70, the lows for 2013 and late October high.”
“Note longer term we look for a break below 1.2232 to initially the 1.2042 2012 low and beyond (but not at this time).”