Technical analysts at Commerzbank AG note that the pair EUR/USD is still consolidating and the potential “diamond” pattern remains in place as long as the intraday rallies are capped by $1.4057/80. “Diamond pattern” is formed after the long uptrend and signals potential reversal.

The specialists claim that the single currency will fall to $1.3697/$1.3622 (recent minimum, April maximum and 23.6% Fibonacci retracement of the advance from June) if it breaks down through the key support level at $1.3805/$1.3775.



Chart. Daily EUR/USD

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