EUR/USD faces resistance in the 1.2480/1.2538 band – Commerzbank

Pablo Piovano FXStreet

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside should meet a resistance area in the 1.2490/1.2538 band.

Key Quotes

“EUR/USD it is possible that the formation on the daily chart is a converging range. Nearby support lies at 1.2165, the 18th January low, ahead of the August and September highs at 1.2092/70. Resistance lies at 1.2490/1.2538 (resistance line and recent high)”.

“The market recently failed at long term Fibonacci resistance at 1.2517/38 and we believe that following a divergence of the weekly RSI that the market has topped. The 2017-2018 uptrend lies at 1.2011 and a close below here will confirm the end of the move higher”.

“Above 1.2538 the recent high will test the 2008- 2018 resistance line at 1.2680”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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