FXstreet.com (Barcelona) - Dollar recovery from 84.80 low on November 26 has extended to levels right below 88.00 during Thursday's Asian session, testing the lower band of 87.90/88.20 key resistance area. according to Alex Rudolph, technical analyst at Commerzbank.
In case of confirmation above 88.20, the Dollar next target would be 89.18/66 area, says Rudolph: Our anticipated recovery to 87.91/88.20 is in the making with the lower level having now been reached. Once it and 88.20 have given way though, the 89.18/89.66 area (Nov. 2 low and downtrend) will be targeted.
On the downside, Rudolph points out to 84.80 support: We look for an attempt to base at 84.80/00. Below 84.00 would target the major psychological 80.00 region.