EUR/USD potential for a test of 1.1300 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could attempt a visit to the 1.1300 handle.

Key Quotes

“The Euro breached the 1.1040 recent high and saw another strong rally. It has potential to reach the 1.1300 November 2016 high. Immediate resistance is the 61.8% retracement of the move down from 2016 at 1.1128, above here we have the 1.1200/23.6% retracement of the entire move down from the 2014 peak at 1.3995”.

“The market stays immediately bid above the 20 day ma at 1.0911 and the short term uptrend at 1.0891”.