Forex Flash: EUR/USD faces strong resistance - Commerzbank
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EUR/USD
FXstreet.com (Barcelona) - The EURUSD continues to ambitiously rise above 1.2597/1.2600 (78.6% of the move from June and 38.2% of the move this year), with a Friday high at 1.2638, Monday high at 1.2611 and a current Tuesday high at 1.2628. None of them closed the day above that resistance yet.
"While we cannot rule out further upside probes very near term, the market does face tough overhead resistance", wrote Commerzbank analyst Karen Jones, pointing to strong resistance at 1.2657 downtrend and 1.2748 (June high). "We need a break below the short term uptrend at 1.2420 to alleviate upside pressure and suggest the medium term downtrend has resumed", Jones added.
"While we cannot rule out further upside probes very near term, the market does face tough overhead resistance", wrote Commerzbank analyst Karen Jones, pointing to strong resistance at 1.2657 downtrend and 1.2748 (June high). "We need a break below the short term uptrend at 1.2420 to alleviate upside pressure and suggest the medium term downtrend has resumed", Jones added.
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