EUR/USD is correcting higher. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to face resistance at the 1.1513/22 area.
“We note the 13 count on the daily chart and the divergence of the daily RSI and would allow for a near-term rebound.”
“Any bounces will find tough resistance at the 1.1630 five-month downtrend and while capped here, the overall bias is negative.”
“Initial resistance is the 1.1513/22 October low, the 5th November low and the 20-day ma.”
“Below 1.1248 (TD support) would target 1.10, the 78.6% retracement of the move seen in 2020.”
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