EUR/USD Important resistance area at 1.3750/1.3875 - Commerzbank
(Barcelona) - Dollar strength seems to be losing steam and the Euro and other considered higher yielding currencies are drifting higher, with the common currency approaching important resistance at 1.3750/1.3875 area, according to Karen Jones, technical analyst at Commerzbank.
The Euro trades now around 1.3700 and approaches 1.3750/1.3875, which, according to Jones, contains several resistance levels: "EUR/USD is slowly drifting higher. Overhead resistance remains prolific above the market at 1.3750-1.3875 – this contains a double Fibonacci retracement, the short term downtrend and pivot."
On the downside, bearish reaction below 1.3530 will cancel upside momentum, says Jones: "Near term risk is shifting to the topside and only a break below nearby support at 1.3530, will alleviate upside pressure for a slide to key support, which remains 1.3445/05 (recent low and medium term Fibonacci retracement)."
The Euro trades now around 1.3700 and approaches 1.3750/1.3875, which, according to Jones, contains several resistance levels: "EUR/USD is slowly drifting higher. Overhead resistance remains prolific above the market at 1.3750-1.3875 – this contains a double Fibonacci retracement, the short term downtrend and pivot."
On the downside, bearish reaction below 1.3530 will cancel upside momentum, says Jones: "Near term risk is shifting to the topside and only a break below nearby support at 1.3530, will alleviate upside pressure for a slide to key support, which remains 1.3445/05 (recent low and medium term Fibonacci retracement)."
EUR/USD (Mar 12 at 20:36 GMT)
1.3755/59 (0.56%)
H 1.38 L 1.3667
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3681 | 1.3716 | 1.3750 | 1.3757 | 1.3791 | 1.3826 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Mar 12 at 20:23 (15-minute timeframe) | |
