EUR/BRL trades close to its all-time high, 7.00 at sight – Commerzbank

The EUR/BRL pair flirts with the October peak at 6.7892, a daily chart close above which would target 7.0000, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“The odds have now shifted with a rise above 6.7892 looking more likely than failure happening at this high.”

“A daily chart close above 6.7892 would put the psychological 7.0000 mark on the cards.” 

“Immediate upside pressure will remain in play while the cross stays above the 6.5049/42 February 22 low and the three month support line. Further support sits at the 6.4551 mid-February low and also at the 6.3886 February trough.” 

“We will retain our medium-term once again bullish view while the cross remains above the 6.2918 January low.”