EUR/USD is through the 1.1815/33 12-year resistance line and targets 1.2635 – Commerzbank
At the time of writing, the EUR/USD pair rises 0.30% to trade at 1.1881 and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, targets the 200-month ma at 1.2635 as the pair has gone through tough resistance at 1.1815/33.
Key quotes
“EUR/USD is through tough resistance at 1.1815/33, this was a 61.8% Fibonacci retracement, a 12-year resistance line and the September 2018 high. We are surprised that this has not held the initial test. The break above here targets 1.2635/66, the 200-month ma.”
“Initial support lies 1.1663 (cloud support) ahead of the March high at 1.1495. Ideally dips lower will be contained by the two-month uptrend at 1.1430.”
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