FXstreet.com (Barcelona) - The Euro has triggered profit taking after reaching 11 month high at 1.4767 on September 17, and the pair is pulling down reaching levels below 1.4700, in a corrective move that, according to Karen Jones, technical analyst at Commerzbank, could bottom around 1.4550.
Jones observes the Daily RSI pointing lower and the Ew3uro heading to levels around 1.4530: EUR/USD saw some near term profit taking at the end of last week at the 1.4720/50 resistance and short term target, this represents the December 2008 high and the location of previous 6 year channel, (which is now resistance). The daily RSI is starting to point lower and we would allow for a corrective dip back to the 1.4530/short term pivot line and 1.4445/00.
Support levels, according to Jones, lie at 1.4529/15, 1.4490/45 and 1.4400/07. On the upside, resistance levels are 1.4720, 1.4750/68 and 1.4865