Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair remains bid as long as it trades above 1.1910.
“EUR/USD has tested but has yet to close above the 1.2042 2012 low. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168. We note the doji on the chart and may see it consolidate very near term, the market stays immediately bid above the early August high at 1.1910”.
“Below 1.1910 lies the 1.1848 August 11 high. But only if an unexpected drop below the 1.1662/35 mid-August low , the late July low and the five month support line would negate the bull move”.
“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD climbs to fresh daily highs above 1.0700
EUR/USD has regained its traction and climbed to a fresh daily high above 1.0720 in the second half of the day on Thursday. Despite the upbeat ADP employment data, the downward revision to Unit Labor Costs for the first quarter triggered a fresh leg of USD selloff, boosting the pair.
GBP/USD tests 1.2500 as USD continues to weaken
GBP/USD has extended its daily rebound toward 1.2500 in the American session. The US Dollar continues to weaken against its rivals as soft wage inflation data feed into expectations for a pause in Federal Reserve rate hikes at the upcoming policy meeting.
Gold climbs above $1,970 as US yields extend slide
Gold price climbed above $1,970 in the American session on Thursday. Following weak wage inflation data from the US, the benchmark 10-year US Treasury bond yield is down more than 1% on the day below 3.6%, fuelling XAU/USD's daily rally.
XRP unlocks tokens worth $500 million as SEC vs. Ripple verdict looms
Ripple, the cross-border payment remittance giant, has unlocked a total of 1 billion XRP tokens from escrow on Thursday. This unlock is a part of the scheduled monthly distribution strategy of the XRP token.
LCID sheds 13% with $3 billion share sale
Lucid Group (LCID), the maker of the Lucid Air luxury electric sedan, surprised shareholders late Wednesday when it announced that it would raise $3 billion in new common stock.