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US Dollar’s correction higher is gaining traction. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the EUR/USD pair is correcting lower as has lost the 1.18 level and remains topped for now at 1.2014.

Key quotes

“EUR/USD has recently failed at 1.2014 and the new high has been coupled with a large divergence of the daily RSI. We also have a TD perfected set up on the weekly chart, all of which suggests that the market is downside corrective near term and we should allow for further losses.” 

“Initial support is the one-month support line at 1.1788.” 

“Provided that dips remain well supported by the four-month uptrend at 1.1709, an overall upside bias will be maintained. This guards the March high at 1.1495.”

 

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