EUR/USD bullish above 1.1009 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the longer term outlook on the pair should stay bullish while above 1.1009.
Key Quotes
“The Euro is starting to ease back from the 1.1300 November high. We would allow for some further weakness near term. However while dips lower hold over the near term uptrend at 1.1009, the market remains in a longer term bull trend and will need to close below here to question that”.
“Rallies will find interim resistance at 1.1235 ahead of 1.1268 and 1.1300. Above 1.1300, the market has potential to reach the highs from mid 2016 circa 1.1400, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.
“Below the uptrend will signal a slide to the 200 day ma at 1.0822 and failure here is needed to negate upside pressure”.
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