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#1 07-02-2019 13:21:23

johnedward
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EUR/USD: the euro may pursue its downward correction before rebounding

EUR/USD: the euro may pursue its downward correction before rebounding (Commerzbank)


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Commerzbank points out that the EUR/USD continues to fall and that it expects the market to stabilise soon and recover, but it is possible that the downward trend will continue down to the lower 1.13 area.

"We expect a rise of the euro towards the 200-day moving average at 1.1547. The market remains supported by the 2016-2019 uptrend line at 1.1307. We have additional support offered by 1.1267/70, the November and December lows. Provided that the market holds in this zone, we are in favour of a resumption of the 1,1550 threshold of the 200-day moving average and the mid-October high at 1,1623, and in the slightly longer term, we are aiming for 1,1745 , the 55-week moving average.

A break below 1.1267 would cause losses to the recent low at 1.1216 and the 61.8% Fibonacci retracement of the 2017-18 hike at 1.1186. Please note that we continue to consider the recent low of 1.1216 as an intermediate low for the market.
"


"Anything worth having is worth going for - all the way." - J.R. Ewing

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