EUR/USD scope for a test of 1.1268/1.1300 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s consolidation could be over and stays poised for a test of 1.1268 and probably 1.1300.

Key Quotes

“The Euro’s consolidation phase looks complete and the market is well placed to test the recent high at 1.1268 and the 1.1300 November 2016 high. It will remain bid while above the near term uptrend at 1.1048”.

“Rallies will find interim resistance at 1.1268 and 1.1300. Above 1.1300, the market has potential to reach the highs from mid 2016 circa 1.1429 and the two year resistance line at 1.1474, however we believe it will struggle here from a longer term perspective. We note the 78.6% retracement lies at 1.1343”.