Euro Targets $1.3360 Then $1.3080

LONDON, Nov 17 (Reuters) - Following is a selection of comments from analysts on important technical developments in the foreign exchange market. CMC MARKETS * EURO/DOLLAR: "The weakness in the single currency accelerated yesterday hitting our target of $1.3500 as the euro looks to be heading towards the $1.3360 level, which would be 38.2 percent retracement of the up move from the June lows at $1.1880 to the highs at $1.4280. Having broken and closed below the 50 day moving average at $1.3640 the emphasis shifts even more firmly to the downside. Pullbacks should now be limited to this resistance at $1.3640 as and behind that at the $1.3800 pullback line resistance. A break of $1.3360 would then target $1.3080 which is the 50 percent retracement level of the same earlier up move." * DOLLAR/YEN: "While the US dollar continues to remain above the 50 day moving average at 82.70 yen, the risk remains for a larger move towards the 84.20 level. The...

No comments:

Post a Comment