Forex Flash: EUR/USD targets 1.2679/61 – Commerzbank

The EUR/USD closed the week below the 1.3202 7 month uptrend to add confirmation of the bearish signal: “We have an initial downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”, wrote analyst Karen Jones, pointing to initial support at 1.3075/3, the 38.2% retracement of the same move. “Near term rebounds should find that the previous 3 month trendline should now act as resistance at 1.3317 and the outlook will stay negative below 1.3435”, she concluded.

Feb 25, 2013

Forex: EUR/USD keeps pushing higher, around 1.3230

The shared currency continues to hold the upper ground of the range so far, retracing to the area of 1.3225 after hitting the boundaries of 1.3240...

Forex: USD/CAD surrenders gains to trade at 1.0223/24

The USD/CAD has traded in a tightened 23-pip range Monday (1.0218 session low, 1.0241 session high), as European markets brace for the Italian electoral outcome. Levels have been quite muted for the pair this far, however in recent moments the cross has surrendered the majority of its gains, returning near opening levels at 1.0223/24 at the time of writing.