FX : EUR/USD: Euro rallies to continue struggling at 1.4434/45 - Commerzbank
FXstreet.com (Barcelona) - The Euro is returning to levels close to 1.4400 after having found support at 1.4255 low on Monday, re-gaining all the ground lost on late Friday early Monday and according to Karen Jones, technical analyst at Comerzbank, targeting resistance area at 1.4434/45.
The Euro will attempt another test at 1.4435/45 tio be capped around 1.4497, says Jones: "EUR/USD spent last week inching slowly higher, the rally peaked at 1.4407 and we look for rallies to continue to struggle at 1.4434/45 and be contained by the top of the channel at 1.4497."
Once having reached channel top, the Euro might open a sideways consolidation move, according to Jones: "Further dull sideways ranging looks likely – failure at these upper limits should see the market eventually erode the 1.4200 support which should be enough to signal a sell off to the 1.4034 uptrend."
