In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation in the near term.
“No change, the Euro is consolidating below the 1.1300 November high and we note the TD perfected set up. We would allow for some consolidation/retracement just below this level. However while dips lower hold over the near term uptrend at 1.0996, the market stays immediately bid”.
“The market has potential to reach the highs from mid 2016 circa 1.1400, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.
“Below the uptrend will signal a slide to the 200 day ma at 1.0826 and failure here is needed to negate upside pressure”.
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.