EUR/USD NOW LOOKS TO 1.1853 – COMMERZBANK

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, a breakout of the 1.1790 area should allow a test of 1.1853.

Key Quotes

“EUR/USD has at last eroded overhead resistance offered by the 1.1745/50 area and attention is on the 1.1790 recent high. This is exposed and a close above here will trigger a move to the 1.1853 midJune high and the 1.1907 55 week ma. Directly above here lies the 200 day ma at 1.1947 and we would allow for some profit taking here. We continue to view the recent low at 1.1301 as a significant turn for the market. The market stays bid above the 1.1637 near term support line”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.

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