Euro reversal from 1.3680/90 area, tested on Wednesday, extended on Asian session to test week lows at 1.3520 area although, according to Karen Jones, technical analyst at Commerzbank, the pair remains biased to the upside, in the near term.
The Euro maintains its upside bias, while 1.3480 support is intact, says Jones: "our view remains unchanged, while above 1.3480 a near term upside bias will remain. The market has recently broken above the 5 month down channel, and this currently offers additional support at 1.3425."
The upside target for the pair, lies around 1.3820/40 affirms Jones: "We would allow for gains short term to the 1.3820/40 peaks charted in February and March. There is a base pattern complete below the market between 1.3590-1.3265 and this targets 1.3915."
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