FXstreet.com (Barcelona) - Euro's rejection at 1.5050 high on Wednesday, extended on Thursday to 1.4820 which so far as performed as strong support, although, according to Karen Jones, technical analyst at Commerzbank, further decline should not be discarded.
The Euro will remain weak while below 1.4960, says Jones: The market will remain offered intraday while capped by 1.4960 and we would allow for the sell off to extend to the 1.4718/1.4683 region. This is
the location of the 55 day ma and uptrend.
In case of reaching mentioned levels, Jones expects the pair to rally again: This is key support and we will again look for this to hold and again rally. Above the October 1.5064 high targets 1.5245/87, the 78.6% Fibonacci retracement of the 2008 decline and May 2008 low.