EUR/USD corrects higher, key resistance awaits at the 1.1762 four-month downtrend – Commerzbank
|EUR/USD is correcting higher near-term. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the world’s most popular currency pair to test the downtrend at 1.1630.
RSI has diverged
“EUR/USD’s new low at 1.1522 was not confirmed by the daily RSI and the market is correcting higher very near-term.”
“Intraday rallies will find an accelerated downtrend at 1.1630, but key nearby resistance is the 1.1762 four-month downtrend.”
“Below 1.1522 lies the 50% retracement of the move from 2020 and the March 2020 high at 1.1492/95.”
“Key support is the previous downtrend (from 2008) which is now located at 1.1395.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.