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.
“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”.
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