According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, further gains in spot are likely while above the 1.530 area.
“EUR/USD has eased back to its near term uptrend and 1.1704 and bounced from here: Nearby support is provided by the accelerated uptrend at 1.1704 and the 3 month uptrend at 1.1532 and while above here, there is scope for further gains. It is not clear currently how far this slide will extend, our suspicion is to the 1.1532 uptrend”.
“Initial resistance is found 1.1825. Resistance above the 1.1910 recent high lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high”.
“Failure at the 4 month uptrend will trigger losses to 1.1296 and the more important 1.1110 end of May low”.
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