Forex Notes

Punched Support At 1.3585 Threatens EUR / USD Weakened To 1.3480 - Commerzbank

In the course of today's European session, the euro did not manage to get rid of the pressure. Reaching a peak in the 1.3685/95 zone, the pair has broken a key support of 1.3585, which, according to Karen Jones, a technical analyst Commerzbank, could trigger further losses to 1.3480.

"In the case of absorption of this support, the next target will be the base channel to 1.3480, further - a mark 1.3405, which is presented in the form of long-term Fibonacci level."

In the event that the euro will break up and break above 1.3765, bearish momentum will wane, says Jones: "Evaluation 1.3765 would get rid of the pressure and recover to the field of 1.3950/60. Key resistance remains held at 1.4154/93.