Updates on the most traded pair (at least in Europe), EUR/USD. Karen Jones, FICC Technical Analysis Head of Commerzbank came forward by saying that consolidation seems to be hovering above the EUR/USD trading, at least for the time being.
As she pointed out, according to an FX Street report, the pair seems to be following a downtrend at 1.0646, with a weakening 20-day MA on Friday’s rebound. Last weeks’ low maintains at 1.0494 and further consolidation is to be expected. Below this point, recent lows are estimated to hit 1.0352/40.
The market will maintain directly offered, below the short-term downtrend at 1.0646 and 1.0679, the recent high. Above this point, there’s the 1.0820/29, which is the 50% retracement and the recent Feb high, the expert says.
Tune in to the FX vibe! More updates and education coming your way shortly.