Thursday, October 1, 2009

Commerzbank: the market is not yet ready for the resumption of bullish trend for the euro / dollar

According to currency strategists, Commerzbank, rollback pair euro / dollar from the intermediate support in the 1.4544/38 area wore a rather dull character. However, until the couple kept above these levels and above the Fibonacci support areas, it is possible to retest levels of 1.4720 and 1.4845. Nevertheless, bank analysts are beginning to lean toward the view that the market is not ready yet for the resumption of bullish trend - thus break below 1.4525 would signal a deeper correction to the level of 1.4440 and then 1.4375, where the 55-day moving average. Currently, the euro / dollar traded at 1.4561.

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