Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair lost some downside momentum following yesterday’s price action. Key Quotes “EUR/USD has retested the 1.1510 May low. This has held the initial test and the market has charted a key day reversal. The daily RSI did not confirm the new low and there is a loss of downside momentum, we will exit our short positions for now”. “We view the recent high at 1.1853 as an interim peak and look for losses to the 200 week ma at 1.1407. 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. Rallies will now find the 20 day ma at 1.1680 offer initial resistance and we would expect 1.1855 to cap for a negative bias to remain entrenched”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD bearish phase drawing to a close – UOB FX Street 4 years Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair lost some downside momentum following yesterday's price action. Key Quotes "EUR/USD has retested the 1.1510 May low. This has held the initial test and the market has charted a key day reversal. The daily RSI did not confirm the new low and there is a loss of downside momentum, we will exit our short positions for now". "We view the recent high at 1.1853 as an interim peak and look for losses to the 200 week ma at 1.1407. We would expect this to hold the initial test… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
