EUR/USD - RSI divergence could yield pullback to 1.2150-1.2110 - Commerzbank

Omkar Godbole FXStreet Contributor

Commerzbank Analyst Karen Jones takes note of the bearish RSI divergence on the EUR/USD chart and mentions scope for a drop to 1.2150-1.2110.

Key quotes

EUR/USD charted an inside day and has shot higher overnight. The new high has not been confirmed by the daily RSI and we would allow for a small pullback currently this is indicated to terminate circa 1.2150- 1.2110. Beyond this it remains on course to challenge the 1.2432 200 month ma.

Support should be offered by the 1.2092 September high and the 20 day moving average at 1.2016 – the market will remain immediately bid above here.

Below 1.2016 will trigger losses to the 1.1878 uptrend.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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