EUR/USD: 1.1144 Still on the Cards – Commerzbank
Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could re-test the 1.1140 area.
“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI earlier this week”.
“This loss of momentum at tough resistance has provoked a sharp sell off and we would allow for slippage towards the 1.1144 24th March low. Key nearby support lies at the 1.1060/58 December high and the March 16 low”.
“This guards 2016 support line at 1.0934. Intraday rallies are indicated to terminate circa 1.1310. Nearby resistance is 1.1460/95 (mid October high). Resistance at 1.1577 is considered the last defense for the 1.1713 September high”.
(Market News Provided by FXstreet)