EUR/USD managed to rise above 1.17 on Tuesday and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair is executing a return to point of break out. The upmove should fade at the 1.18 downtrend and a fall to the 1.1495 is likely. Key quotes “EUR/USD is seeing a small rebound. We suspect that it is executing a return to point of break out from a top. In which case we should see the rally struggle 1.1755/67 and remain contained by the short-term downtrend at 1.1800. We should then see renewed weakness towards 1.1523, the 38.2% retracement and then the March high at 1.1495 (this is also the measurement down from the top).” “There is an outside chance that losses could extend to the 200-day ma at 1.1245, but that is not our favoured scenario.” “The short-term downtrend guards 1.1870/1.1971 and only above here will re-target the 1.2014/15 region.” 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 AUD/USD: Bears attack 0.7100 as S&P 500 futures tank 1% FX Street 2 years EUR/USD managed to rise above 1.17 on Tuesday and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes the pair is executing a return to point of break out. The upmove should fade at the 1.18 downtrend and a fall to the 1.1495 is likely. Key quotes “EUR/USD is seeing a small rebound. We suspect that it is executing a return to point of break out from a top. In which case we should see the rally struggle 1.1755/67 and remain contained by the short-term downtrend at 1.1800. We should then see renewed weakness towards 1.1523, the 38.2%… Regulated 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.
