EUR/USD breaks above 1.17 to target September 2018 high at 1.1833 – Commerzbank
|EUR/USD maintained upside pressure last week and has eroded the 1.1570 2019 high and the 1.1596 50% retracement of the move down from 2018. Today, the pair has lifted to fresh tops above 1.17 the figure and Commerzbank’s Karen Jones targets the September 2018 high at 1.1833.
Key quotes
“We have a number of warning signals now and caution is warranted, but acknowledge that the market remains bid.”
“We target 1.1815/33, this a 61.8% Fibonacci retracement, a 12-year resistance line and the September 2018 high. This is highly likely to hold the initial test.”
“Initial support lies at the March high at 1.1495. Ideally dips lower will be contained by the two-month uptrend at 1.1383.”
“Above 1.1833 would target 1.2635/66, the 200-month ma”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.