Karen Jones, head of FICC Technical analysis at Commerzbank, believes that the Outlook for the EUR/USD on 1,1009 bullish.
“The Euro has begun from the February High in the field of 1,1300. We expect in the short term, with a continuation of the weakness. Setbacks, however, should take in the area of short-term upward trend of 1,1009 on a support and the market remains long term bullish, since this is only a closing price below this level in question”.
“Rallies are pushed to the 1,1235, 1,1268 and 1.1300 resistance. Uarüber is the middle of 2016 High in the area of 1,1400. We assume, however, that the Couple will have a long-term fight. In 1,1343 we have yet to see the 78,6% Retracement.”
“The upward trend day MA of 1,0822 is to be expected with a decline to the 200-and should there be a breakage, it will negate the upward pressure.”
** FXStreet News Editorial, FXStreet**