Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the recent price development and the technical prospects suggest that the 1,0920 support.
The Euro made its High at 1,1174, which could not be confirmed by the daily RSI and together with the Count of 13 on the 4-hour chart, we assume that there will be a short-term setback. This should come across in the vicinity of the short-term upward trend of 1,0918 on a support. Above this level the potential that the market will reach the November 2016 High of 1.1300 and then the focus shifts to the middle of 2016 high to 1,1400. Immediate resistance stands with the 23.6% Retracement of the downward movement from the 1,3995 2014 at 1.1200”.
“The upward trend day MA of 1,0825 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**
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