EUR/CHF is still seen bouncing off the 1.2050 level and is heading towards the 1.2372/1.2414 resistance area. This is where the December and March lows coincide with the downtrend channel resistance line. While capped here a negative bias will remain entrenched in the medium term, though.
EUR/GBP has hit the 78.6% Fibonacci retracement of the May decline at .8950 but this provoked failure on Tuesday. It needs to be surpassed for the next higher .90 region to be reached. Above it sits the May peak at .9042.
EUR/JPY is once again trying to overcome the 55 day moving average at 117.80 and do so on a New York closing basis so that it can reach the resistance line at 118.54 next.
EUR/USD again bounced off the 61.8% Fibonacci retracement at 1.4569 on Tuesday and continues to gradually rise towards the 78.6% Fibonacci retracement of the May decline at 1.4732. Here we expect the currency pair to fail. This is regarded as the last defence for the 1.4940 May peak.
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Commerzbank Corporates & Markets
Technical Research
EUR/GBP has hit the 78.6% Fibonacci retracement of the May decline at .8950 but this provoked failure on Tuesday. It needs to be surpassed for the next higher .90 region to be reached. Above it sits the May peak at .9042.
EUR/JPY is once again trying to overcome the 55 day moving average at 117.80 and do so on a New York closing basis so that it can reach the resistance line at 118.54 next.
EUR/USD again bounced off the 61.8% Fibonacci retracement at 1.4569 on Tuesday and continues to gradually rise towards the 78.6% Fibonacci retracement of the May decline at 1.4732. Here we expect the currency pair to fail. This is regarded as the last defence for the 1.4940 May peak.EUR/CHF is still seen bouncing off the 1.2050 level and is heading towards the 1.2372/1.2414 resistance area. This is where the December and March lows coincide with the downtrend channel resistance line. While capped here a negative bias will remain entrenched in the medium term, though.
EUR/GBP has hit the 78.6% Fibonacci retracement of the May decline at .8950 but this provoked failure on Tuesday. It needs to be surpassed for the next higher .90 region to be reached. Above it sits the May peak at .9042.
EUR/JPY is once again trying to overcome the 55 day moving average at 117.80 and do so on a New York closing basis so that it can reach the resistance line at 118.54 next.
EUR/USD again bounced off the 61.8% Fibonacci retracement at 1.4569 on Tuesday and continues to gradually rise towards the 78.6% Fibonacci retracement of the May decline at 1.4732. Here we expect the currency pair to fail. This is regarded as the last defence for the 1.4940 May peak.