In light of the recent price action and technical view, occasional dips in the pair are seen facing support in the 1.0920 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
“The Euro high at 1.1174 has not been confirmed by the daily RSI and when we couple this with the 13 count on the 240 minute chart, we suspect that we will see a near term dip lower, which is expected to hold over the near term uptrend at 1.0918. Beyond this the market has potential to reach the 1.1300 November 2016 high and highs from mid 2016 circa 1.1400, however we believe it will struggle here form a longer term perspective. Immediate resistance is the 1.1200/23.6% retracement of the entire move down from the 2014 peak at 1.3995”.
“Below the uptrend will signal a slide to the 200 day ma at 1.0825 and failure here is needed to negate upside pressure”.
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