FXstreet.com (Barcelona) - Commerzbank analyst Karen Jones still awaits a close below the January low of 0.9076 after yesterday's consolidation, expecting the near term consolidation/correction to continue. "We note the 13 count on the daily chart and the divergence of the daily RSI and this adds weight to the idea of some consolidation/rebound ahead of psychological support at 0.9000", she wrote, pointing resistance at 0.9165 in intraday rallies.
"Our downside targets are 0.8931, the 2012 low and then 0.8862, the 38.2% retracement of the move up from 2011", she added, also finding that risks have reverted to the downside.
"Our downside targets are 0.8931, the 2012 low and then 0.8862, the 38.2% retracement of the move up from 2011", she added, also finding that risks have reverted to the downside.
