EUR/USD targets the 2018 peak at 1.2556 – Commerzbank

EUR/USD trades in 2 ¾ year highs and targets the 2018 high at 1.2556 while dips should find support at the 1.2073 uptrend, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“EUR/USD made a 2 ¾ year high at its current December high at 1.2235 whilst en route to the 1.2556 2018 high and 1.2624, the 200-month moving average, which remains our longer-term target.” 

“Slips should find initial support at 1.2073/58, the December 9 low and the nearby uptrend. Further support can be spotted at the 1.2014 September peak.”