Commerzbank believes that the euro formed the top

Karen Jones, head of the technical analysis department at Commerzbank, believes that attention on the euro has now shifted to the area of ​​1.1830. “EUR / USD, as we suspected, rebounded from the uptrend, but could not recover to the level of 1.2000, and our attention returned to support the trend line at 1.1828. We suspect that the market may have completed a short-term growth period and formed the top, but this will be confirmed only at the close below the uptrend line. A new high was also accompanied by a divergence of the daily RSI. Below the 2-month uptrend is a 4-month uptrend at 1.1709.
With a break above 1.2070, it is worth waiting for the rise and testing of the 50% correction level from the fall from the 2014 high at 1.2168. A break below the five-month line of the uptrend will cause losses to the high and the middle of June at around 1.1296 and more important low May 1.1110, “the expert said.

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