Forex: EUR/USD on the upside, will find resistance at 1.4570/1.4685 zone

By IBTimes Staff Reporter | January 12 2010 2:47 AM

FXstreet.com (Barcelona) - Euro recovery from 1.4265 low last week is gaining traction, according to Karen Jones, technical analyst at Commerzbank, who foresees strong at resistance 1.4570/1.4685 zone.

Sponsorship Link

Euro recovery will soon find resistance at 1.4570/1.4685, which according to Jones, will cap the pair's rally: (The Euro) will encounter stronger resistance in the 1.4570/1.4685 zone. This is the 38.2% and 50% retracement of the move down in December and the October reaction low.

On a longer-term perspective, Jones observes the Euro resuming its decline towards 1.4070 area: We look for failure here and continue to target Fibonacci support at 1.4070 slightly longer term.

.