EUR/USD now eyes the 1.1700 area – Commerzbank
|According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s recent price action could now allow for a test of the 1.1700 area.
Key Quotes
“EUR/USD spent much of last week consolidating just below the 55 day ma, currently at 1.1615, but has now risen above it. The cross will need to drop sub 1.1508 to alleviate immediate upside pressure. The rise above the five month resistance line and the 55 day ma at 1.1575/1.1615 is short-term bullish and eyes the 1.1700 area”.
“Only a drop and daily chart close below the 1.1300/1.1296 November 2016 and mid-June 2017 highs would make us assume the resumption of the down move. In this case the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be targeted”.
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