Octa trading broker
Open trading account

Forex Flash: EUR/USD to aim 1.3270/56 in case of loss of 1.3480 - Commerzbank

The over-stretched move on Friday was sharply retraced yesterday: "The pullback has tested the accelerated uptrend at 1.3484 and this is starting to look exposed", wrote analyst Karen Jones. "We note the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart and we are wary of a deeper corrective phase", continued the Commerzbank analyst, pointing to the 1.3270/56 (16th Jan low and the 61.8% retracement) zone in a move below 1.3480.

"It is too early to say whether this was a false break above 1.3485/1.3564 and for now we will assume it is a correction lower", she added, pointing to a 3 month support line at 1.3193, but key support is the 1.3125 6 month uptrend.

Forex Flash: European PMI data may see continuation of EUR/GBP downtrend – Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that today sees services PMI data in Europe and the US.
Read more Previous

Italy Jan Markit Services PMI falls to 43.9

Read more Next