In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD should stay bid while above the 1.1296/1.1340 area.
“The new high has not yet been confirmed by the daily RSI and we have another 13 count, we will see where it closes today before we decide whether to go with this break higher. Nearby support is provided by the short term uptrend at 1.1340 and the high from mid June at 1.1296, while above here it is bid and there is scope for 1.1616, the May 2016 high and then 1.1713/36 the August 2015 high and long term Fibo”.
“Failure at 1.1296 will trigger losses to the more important 1.1110 end of May low”.
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