EUR/USD upside intact – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside momentum remains unchanged for the time being.

Key Quotes

“EUR/USD is through its 200 week ma at 1.1788 and remains bid: And still the daily RSI has not confirmed the new high but the up move remains intact, we suspect that the 1.20 level may prove to be a bit of a psychological level but resistance lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high”.

“Nearby support is provided by the accelerated uptrend at 1.1608 and the 3 month uptrend at 1.1458 and while above here, there is scope for further gains”.

“Failure at the 4 month uptrend will trigger losses to 1.1296 and the more important 1.1110 end of May low”.