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19 Feb 2013
Forex: EUR/USD below opening price
A first European money flow sent the EUR/USD down, below its opening price of 1.3350, coming to as low as 1.3334, but within the narrow trading range of the week, with the lower band at 1.3322. Investors are waiting for the ZEW survey in Germany and EMU to have something to price in. EMU construction output may also help.
Commerzbank analysts see 1.3282/56 as target, but “the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones. "Only a recovery above 1.3520 would neutralize the immediate outlook”, she added.
Commerzbank analysts see 1.3282/56 as target, but “the risks have increased that we will see an eventual break down through here towards the more important 1.3202 7 month uptrend and a close below here is required to negate the up move completely", wrote analyst Karen Jones. "Only a recovery above 1.3520 would neutralize the immediate outlook”, she added.