EUR/USD: Downside pressure alleviated above 1.0926 – Commerzbank
|In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair needs to regain 1.0926 and above in order to mitigate the downside pressure.
Key Quotes
“EUR/USD has recently come to a halt at the 1.0814/78.6% retracement and the 1.0763 2000-2020 uptrend. This is key support and we look for it to hold the downside and provoke reversal. So far there is no sign of a bounce, near term rallies will need to regain 1.0926 as an absolute minimum in order to alleviate immediate downside pressure.”
“Resistance can now be seen at 1.0926, the September low, and between the November and January lows 1.0981/92.”
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.