EUR/USD above 1.1790 targets the mid-1.1800s – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt to test 1.1853 on a close above the 1.1790 area.

Key Quotes

“EUR/USD continues to probe the 1.1790/1.1803 resistance area – we are awaiting a close above 1.1790 which should be enough to trigger a move to the 1.1853 mid-June high and the 1.1904 55 week ma. Directly above here lies the 200 day ma at 1.1946 and we would allow for some profit taking there. We continue to view the August low at 1.1301 as a significant turn for the market”.

“The market stays bid above the 1.1674 near term support line and we will again tighten our stops on long positions”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.