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.
“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”.
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