The single currency fell last week breaking down through the 200-day MA and the 6-month uptrend support line. Technical analysts at Commerzbank project that the pair EUR/USD will face strong negative pressure. The specialists also note that the European currency has so far broken below the “symmetrical triangle” formation. As a result, the power of bears increased.

According to Commerzbank, euro will weaken to 1.2000 in the first quarter of 2011. If it attempts to advance, resistance levels will be found at 1.3020/74 and 1.3165.



Chart. Daily EUR/CHF

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