EU Trade Balance n.s.a. up to €10.4B in Feb from €-4.7B in Jan

Commerzbank analysts believe that the erosion of the 2011-2013 at 1.0517 was a false break: “We note the doji charted 11th April and the divergence of the daily RSI, and the sharp selloff seen overnight, all of which suggest that the break higher was false”, wrote analyst Karen Jones. “We look for a slide back to the uptrend at 1.0394 then the 1.0348/49 support – last week’s low and 50% retracement”, she added, pointing to failure at 1.0348 as needed to negate upside pressure and trigger a slide to 1.0300 then 1.0204 (11th March low en route to the 1.0116 recent low). Intraday resistance is at 1.0480/1.0547 ahead of 1.0598, the high for the year so far and 1.0624 the September 2012 high.