In the view of analysts at Danske Bank, they recommend going ‘long’ at prices around mid 1.2300s to lock profits at 1.2480
On the opposite hand, Chris Walker at UBS, remains neutral in the near term “The major resistance is at 1.2489. A break above this level is required for the recent strength to carry on. Support lies at 1.2134”. And Karen Jones, expert at Commerzbank, believes that this upside correction would run out of steam around 1.2500, however, technical studies would support further upside. As she points out: “it is possible that the market has completed a small inverse head and shoulders pattern and the rally will extend to 1.2748, the June high”. Anyway, while trading below 1.2800, the German lender remains bearish on the cross.