Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair’s upside could face a strong hurdle in the 1.1900/20 band.
“EUR/USD continues to see a rebound from the 1.1662 August low. While we would allow for an extension to the 1.1900/20 resistance line and 2 nd August high, we think it will struggle here. This guards the 1.2092 high”.
“We would treat a break below 1.1660 as the trigger for a sell off to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.
“Above 1.2092 would target the 50% retracement from the move down from the 2014 high at 1.2168 and the 1.2372 200 month ma, but if seen, that is expected to hold”.
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