FX : EUR/USD: Euro remains on course to 1.4620/25 en route to 1.4720 - Commerzbank
FXstreet.com (Barcelona) - The Euro remains consolidating in range below 2009 high at 1.4600 after a 400 pips rally from last Friday's low at 1.4195, and according to Karen Jones, technical analyst at Commerzbank, the Euro remains bullish aiming to 1.4620.
Jones observes the Euro bullish en route to Decembetr high at 1.4720/50 region: "EUR/USD maintains upside pressure and remains on course for 1.4620/25 enroute to 1.4720 – the December 2008 high. We would expect to see the 1.4720/50 region hold the initial test (also location of previous 6 year channel – which is now resistance)."
Resistance levels, according to Jones, lie at 1.4600, and above here 1.4620 and 1.4720. On the downside, support levels lie at 1.4455, and below there, 1.4365/20 and 1.4286.
