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Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD has eroded the 23.6% retracement and 20th December low at 1.3625 which is expected to act as the near term break down point to 1.3325/1.3295 (recent low, Fibo and 200 day ma).

Key Quotes

“Initial support is the 1.3525 low from early December. At the end of last year we saw the market spike towards and fail at the 2008-2014 resistance line, this is currently located at 1.3885.”

“Coupled with the divergence of the daily and weekly RSI, we look for further weakness and we should see the market come under further downside pressure. Rebounds should now struggle 1.3635/70 and be contained by 1.3740.”
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