FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes, assumes that the Couple with the conclusion of the fall course under 1,0830 (200-day SMA).
“The Euro had yesterday an important Umkehrtag and with the new High of 1,1040, there was a divergence of-the-day RSI. Which allows a downward movement, but the upward pressure with a close below the 200-day MA of 1,0830. To note is that an important Umkehrtag is often the indicator for the end of a trend movement. Above the 200-day MA, we can not exclude a motion to the January 2015 Low of 1,1098 and the 78,6% Retracement of 1,1146”.
“Under the 200-day MA, it is a loss to the 55-day MA of 1,0719 and 2017 support line of 1,0640 come.”
** FXStreet News Editorial, FXStreet**