EUR/USD stays bid above 1.1881 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot remains bid while above the up trend line in the 1.1880 area.

Key Quotes

“EUR/USD is bid above its uptrend, which today is located at 1.1881. it is eroding the 1.2070 recent high. Above 1.2070 sits the 50% retracement from the move down from the 2014 high at 1.2168. Slightly longer term there is scope for the 1.2372 200 month ma, but that is expected to hold”.

“Only a close below the uptrend, will alleviate immediate upside pressure for a slide back to the 5 month uptrend at 1.1753”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.