EUR/USD now targets 1.2383 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair should regain 1.2383 in order to allow for extra gains.

Key Quotes

“EUR/USD continues to be range bound within its February and early March boundaries at 1.2556/1.2155. However it is attempting to recover. It needs to overcome the 1.2383 resistance line for a shot at last week’s high at 1.2413 ahead of the current March high at 1.2447.If the 1.2447 level were to unexpectedly be exceeded, the January and February highs at 1.2538/56 would be back in the picture”.

“The three month support line at 1.2257 guards the more important 1.2165/55 area. It is made up of the mid-January and current March lows and the 2017-2018 uptrend. A weekly close below here would add weight to the idea that the market recently topped at 1.2556”.

“Above the 2008-2018 resistance line at 1.2651 lies the 1.3190 50% retracement of the move down from 2008”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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