FXstreet.com (Barcelona) - Commerzbank analysts were not surprised to see profit taking at 80.63/66 (represents the June high and the 50% retracement). “The new high was accompanied by a divergence of the daily RSI and we suspect that the market will consolidate near term”, wrote analyst Karen Jones, pointing to support at 79.61/23 (September high) and immediate upside pressure is maintained while above here.

“We remain overall bullish and favor a sustained break above 80.66 to 81.78/87”, said Jones, adding an additional
upside measured target to 82.68 (78.6% retracement if the move seen this year) on a bull flag pattern.