FX : EUR/USD: Euro contemplates challenging supports at 1.3975/24 - Commerzbank
FXstreet.com (Barcelona) - The Euro has turned down from 1.4170 session high during Asian trading hours, dipping to levels below 1.4100 on early European session, to test support at 1.4085 area; and , according to Karen Jones, technical analyst at Commerzbank, the pair could head to levels below 1.4000.
Jones affirms that the Euro contemplates challenging 1.3975/24 area: "EUR/USD has held steady as it contemplates challenging the more important supports located at 1.3975/24 (Fibo and 6 month uptrend). While we would expect these to hold the initial test and prompt a near term rebound, the short to medium term risk remains on the downside - the daily RSI is under pressure and the weekly RSI has diverged."
Regarding intra-day trade, the bias is on the downside, while below 1.4340, says Jones: "Intraday while capped by 1.4340, a negative bias persists and below 1.3924 will target 1.3600/1.3550.
