Forex Flash: EUR/USD continues grind higher – Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at EUR/USD from a technical perspective.

Jones notes that the pair has continued to grind higher and spot remains well positioned to tackle key resistance at the 1.3150-80 zone up ahead. She notes that this consists of the tough combination of the recent high and triple Fibonacci resistance.

She appreciates that her core scenario doesn´t cover a push higher, with a break of 1.3180 forcing her to neutralise her outlook as it would introduce scope to 1.3487, the 2012 high and 1.3519, the 50% retracement of the move down from the 2011 peak and 200 MA. Jones is current flat and will attempt small longs on dips to 1.3070,1.3050 with stops at 1.3020 and a target of 1.3175.

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