EUR/USD now targets 1.1750/90 – Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot is now poised to attempt a run to the 1.1750/90 band.
Key Quotes
“EUR/USD is bid near term having recently stabilised above the 1.1510/08 supports. This leaves the market well placed to tackle resistance offered by the 1.1745/50 area and the 1.1790 recent high. A close above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1910 55 week ma. We suspect that the recent low at 1.1301 was a significant turn for the market”.
“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.
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.