EUR/USD can still test 1.1300 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is still room for the pair to reach the 1.1300 area.

Key Quotes

“The Euro has maintained upside pressure and has potential to reach the 1.1300 November 2016 high. Immediate resistance is the 1.1200/23.6% retracement of the entire move down from the 2014 peak at 1.3995. We note the 13 count on the 240 minute chart and would prefer to buy this on dips”.

“The market stays immediately bid above the 20 day ma at 1.0936 and the short term uptrend at 1.0905”.

“Below the uptrend will signal a slide to the 200 day ma at 1.0825 and failure here is needed to negate upside pressure”.