EUR/USD upside pressure intact above 1.2350 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the upside bias should remain unchanged while above 1.2350.

Key Quotes

“EUR/USD has risen above the 1.2433 200 month moving average and briefly above the 1.2500 level to last week’s high at 1.2538 before consolidating slightly. While the steep January support line at 1.2350 underpins, upside pressure should be maintained. We note the 13 counts on the 240 minute chart and the 60 minute chart and consider a near term consolidation/retracement to be likely”.

“Above 1.2538 lies the 61.8% Fibonacci retracement of the 2014-17 decline at 1.2599 and the January 2012 and November 2012 lows at 1.2624/61”.

“Below 1.2350 lies the January 18 low at 1.2165 and, more importantly, the August and September highs at 1.2092/70”.