Karen Jones, analyst at Commerzbank, suggests that EUR/USD has seen a slight erosion of the base of its down channel at 1.0941 BUT has not closed below there. Key Quotes “We have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so caution is warranted. Below here lies the 78.6% retracement at 1.0814. We also have a 13 count on the 240 minute chart, but the rebound is indicated to be likely to halt circa 1.1027, the 1st August low.” “Nearby resistance is the near term downtrend at 1.1153 and the 200 day ma at 1.1271, but key resistance is 1.1328/51, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed to negate downside pressure.” “The market will need to regain the 55 week ma and channel at 1.1328/51 to generate upside interest.” 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 UK Labour’s Starmer: Johnson is setting a trap on election timing FX Street 4 years Karen Jones, analyst at Commerzbank, suggests that EUR/USD has seen a slight erosion of the base of its down channel at 1.0941 BUT has not closed below there. Key Quotes "We have a 13 count on the weekly chart plus the weekly RSI has not confirmed the new low so caution is warranted. Below here lies the 78.6% retracement at 1.0814. We also have a 13 count on the 240 minute chart, but the rebound is indicated to be likely to halt circa 1.1027, the 1st August low." "Nearby resistance is the near term downtrend at 1.1153 and the 200… 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.
