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Forex EUR/USD, topped near-term - Commerzbank

By FXstreet.com,  November 09, 2010, 03:17:00 AM EDT

FXstreet.com (Barcelona) - The Euro seems to have topped at 1.4300 area, as the pair has dropped more than 400 pips so far, eroding the support line of the near-term upside channel according to Karen Jones, technical analyst at Commerzbank.

The pair has lost its upside strength, according to Jones, and the pair's focus has turned towards 1.3734/1.3690 support: "The market has lost upside impetus, it has eroded its short term uptrend and there is a major divergence of the daily RSI. Attention has reverted to support at 1.3734/1.3690. This will act as the break down point to 1.3365/35 (38.2% retracement and the August peak)."

On the upside, Jones expects the pair to be capped below 1.3940/1.4085: "Rallies will find interim resistance at 1.3940/1.4085, and will remain directly offered intraday while capped here."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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