EUR/USD has reached the June peak at 1.1422 as expected and has declined since then to 1.1407. This mentioned level along with the 1.1495 high at 1.1495 are tough resistances for the pair, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Key quotes
“The 1.1422 June high, together with the March high at 1.1495, represents quite formidable resistance which we would expect to cap at first.”
“However, a break higher is eventually favoured and would target the 2019 high at 1.1570, then 1.1815/22, the 61.8% Fibonacci retracement of the move down from the 2018 peak and the September 2018 high. These levels will remain in play while the cross remains above the two month support line at 1.1290 and, more importantly, above the 1.1168 June 22 low.”
“Immediate upside pressure should be maintained above Friday’s low at 1.1255.”
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