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Forex pairs in this Article » EUR/USD (Edinburgh) - The shared currency is extending its correction higher on Tuesday, hovering over 1.3140 after Monday’s intraday lows in the proximities of 1.3060.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “EUR/USD has sold off to and is consolidating at the 200 day ma. We would allow for a small rebound from here, but look for the rebound to be relatively tepid, failing circa 1.3170/1.3250. We maintain a negative stance”.

In addition, Strategist Jane Foley at Rabobank suggested, “It is therefore too soon to presume that EUR/USD has embarked on a straight line lower. Over the summer months the EUR is likely to continue finding reasonable support on the unwinding of diversification trades. Currently the convergence of the 50, 100 and 200 day sma around the EUR/USD 1.3073/86 area is likely to offer solid downside protection”.
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