FXstreet.com (Barcelona) - The Euro has performed Wednesday a sharp recovery during early U.S. session, jumping from l3v3els below 1.4100 to reach prices above 1.4250 to consolidate afterwards above 1.4200, which according to Karen Jones, technical analyst at Commerzbank, opens the scope for a retest of 1.4340, 1.4445 resistances.
Jones expects the Euro to rise towards the mentioned resistances before turning down below 1.4100: EUR/USD has seen a decent recovery within its range - there is scope for a retest of the 1.4340, 1.4445 resistances. We look for the market to struggle here and fail at the top of its range for a slide once again to the 55 day ma currently at 1.4089 and then trend support at 1.3937.
Concerning strategy, Jones advices shorts at evels around 1.4300: Shorts from 1.4300 covered1.4090. Reinstate shorts on rallies to 1.4285, 1.4340 and place stops 1.4500. Cover 1.3975/35 and reinstate on a break.