EUR/USD poised for further upside – Commerzbank

In light of the recent price action, the pair stays poised for a continuation of the up trend, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD is positive – its charted an outside day to the topside: No change, the market remains bid and although we are cautious due to the second 13 count, further gains look likely. Nearby support is provided by the short term uptrend at 1.1373 and the accelerated uptrend at 1.1465 while above here, there is scope for 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma lies at 1.1806”.

“Above the 200 week ma would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.