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.