FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the dynamics of the EUR/USD is that the consolidation is almost complete.
“It seems as if the Euro, the consolidation phase seems to be completed, which can lead to an increase to a recent High of 1,1268 and the November 2016 High of 1,1300. The commandments remain on the short-term upward trend of 1,1035.”
“Rallies are pushed to the 1,1268 and 1.1300 resistance. About the middle of 2016 is High in the area of the 1,1429 and the 2-year resistance line of 1,1474. We assume, however, that the Couple will have a long-term fight. In 1,1343 we have yet to see the 78,6% Retracement.”
** FXStreet News Editorial, FXStreet**