EUR/USD positive and cautious – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair’s stance as positive albeit with some caution.

Key Quotes

“EUR/USD is positive but cautious at major resistance: The market has reached major medium term resistance at 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma is also found in this vicinity at 1.1797”.

“Nearby support is provided by the accelerated uptrend at 1.1529 and the 3 month uptrend at 1.1417 and while above here, there is scope for further gains”.

“Above the 200 week ma would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.