EUR/USD is reaching more durable resistance after seeing an upside correction. Nonetheless, the pair is ready to stay below stress whereas under the 1.2014 stage, Karen Jones, Staff Head FICC Technical Analysis Analysis at Commerzbank, studies.
Above 1.1990/1.2014 lies the March excessive at 1.2243
“EUR/USD is correcting larger and shortly it would encounter the 38.2% retracement at 1.1950 and the extra essential 1.1990/1.2014 pivot. The market might want to regain this latter stage so as to solid consideration again to the 1.2243 March excessive.”
“To this point the rally stays only a correction larger and failure within the 1.950-1.2014 band will maintain consideration on the draw back.”
“Close by help lies 1.1704/1.1695. Beneath 1.1695 we now have TD help at 1.1648 and the earlier 2008- 2020 downtrend lies at 1.1570 and we’re reversing forward of right here.”