FXstreet.com (Barcelona) - The Euro weakened last week from opening levels above 1.500 to 1.4680 low, which has been tested twice, at the moment, the Euro trades above 1.4750 and, according to Karen Jones, technical analyst at Commerzbank, the pair could pick up during the week, from 1.4690 support area.
Jones points out to important support level at 1.4690, reinforced by the 7-month uptrend at 1.4573: Near term the market is attempting to recover from its 38.2% retracement of the move up since August - this is located at 1.4691. This support is reinforced by the 55 day ma at 1.4108 and the 7 month uptrend at 1.4573. We look for the market to remain underpinned here and recover.
On the upside, Jones observes 1.4848/75 area as a key level for an attempt towards 1.5050/64 high: Initial resistance lies at 1.4848/75 - the September high and minor Fibo- this is exposed, a move above here will re-focus attention on to the 1.5050/64 recent high. Target remains 1.5245.