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”.
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…