Research team at Commerzbank said yesterday that there remains a focus on the 0.8637 April peak.
They said that around this level the currency pair is likely to again lose upside momentum. Adding, should this not be the case and a daily chart close above 0.8637 be made, their medium term forecast will change from neutral to bullish with the 0.8716 early February high being back on the map.
“Only unexpected failure at the 0.8422 mid-May low will be bearish and target the 2013 support line at 0.8379 and the 2012-13 support line at 0.8338” – Analyst, Axel Rudolph. -FXstreet.com (London)