Currency Analyst since 2010

Commerzbank holds EUR/USD short

Analysts at Commerzbank point out that at the end of the last week saw EUR/USD a very small corrective rebound accompanied by a divergence of the RSI and the hammer on the candlestick chart.

According to the specialists, as long as the rebound is contained by the 3-month downtrend at $1.3490, this will have no impact on the bearish trend.

The specialists say that a close below $1.3338 (base of the monthly Ichimoku Cloud) should be enough to trigger further losses to the $1.3295 (November 2013 low) on the way down to $1.3020/00 (50% retracement of the advance from July 2012 low).

CB maintains a short EUR/USD position from $1.3425 with a stop at $1.3495.

График. Daily EUR/USD

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