FXStreet (Edinburgh) - The single currency has returned to the 1.0660 area after another failed attempt to clinch the 1.0700 handle, all ahead key data releases across the pond.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “divergence of the daily RSI is more pronounced and the market is starting to erode the accelerated downtrend at 1.0663 today. Above here we have the 20 day ma at 1.0778 and the recent high and Fibo at 1.0830/57 is likely to cap”.
In addition, FX Strategist Kit Juckes at Societe Generale suggested “EUR/USD needs to break back above 107:50 to trigger any alarm for chart-drawers, and more likely is that it meanders in a 1.06-1.0750 range for now as positions are reduced”.
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