The upward correction of the US dollar is gaining ground, with the EUR / USD pair falling below the 1.22 level. Karen Jones, Head of Technical Analysis Research Team at Commerzbank, expect losses to 1.2130 level and a possible test of the September maximum of 1.2014.
“The EUR / USD pair last week saw a divergence from the daily RSI; this reflected a loss of bullish momentum and in the short term the market is corrective to the downside.”
“The pair has eroded the short-term uptrend, and we are looking for losses to the December 21 low of 1.2130 and potentially the September high of 1.2014 and even the uptrend of 1.1915 “.
“Intraday rallies should struggle around 1.2250“.
“In a vision over the medium term, the market continues to rise while targeting the 2018 high of 1.2556 and at 1.2624, the 200-month moving average, which remains our long-term target. “
“Above 1.2350 we will have no choice but to move on.”
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