In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside should meet initial hurdle in the 1.1707/23 band.
Key Quotes
“EUR/USD has held over the 1.1510/08 and seen a strong rebound. Initial resistances are the 1.1707/23 resistance line, Fibo and minor high. Medium to longer term we continue to target the 200 week ma at 1.1400. We would expect this to hold the initial test and provoke some profit taking. Below 1.1400 would introduce scope to the 61.8% retracement at 1.1186″.
“Above 1.1707/23 is needed for another shot at the June high at 1.1853/55. Currently risks are on the downside.
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