Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s up move has found a tough barrier in the 1.0820/26 area.
“EUR/USD last week rallied to and stalled at 1.0820/26, the 50% retracement and the top of the cloud, this together with 1.0875 the December high represents much tougher resistance for the market and we note that while the market has seen a strong rally it has not enough to restore the up move”
“The market is finding support at the 20 day ma at 1.0696 and we suspect will need to go below the base of the cloud at 1.0570 to negate the current push higher”.
“Above 1.0875 would introduce scope to the 200 day ma at 1.09935”.
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