Forex Flash: EUR/USD to fail ahead of the 1.3225/50% retracement - Commerzbank

FXstreet.com (Barcelona) - Having recovered most of the previous days’ losses and charted a new 6 week high, “we look for the market to fail ahead of the 1.3225/50% retracement”, say Commerzbank analysts, expecting the resumption of the EUR/USD down move. “Intraday the market should find initial support circa 1.3027/22 and the 200 day ma at 1.2922 en route to the 1.2740 recent low. Key support remains 1.2679/61, this is the 61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low”, wrote analyst Karen Jones, pointing to a deeper retracement to 1.3340 and possibly 1.3503 (not favored) above 1.3225.

Apr 17, 2013

Asian markets mostly higher, Shanghai Composite eases

Mainland China’s Shanghai Composite (-0.42%) was the most notable underperformer in today’s Asian session due to headlines suggesting that there could be a housing crisis via excessive local government debt. Most equity indexes edged higher, including Japan’s Nikkei Stock Average (+1.22%), Hong Kong’s Hang Seng (+0.37%) and South Korea’s Kospi (+0.08%).

Forex: USD/JPY retraces weekly losses back to 98.37

The USD/JPY extended its retracement from the fall on Monday and has fully retraced back to Friday’s close at 98.37, where the market is currently quoting at. That area is acting as resistance.