Flash: EUR/USD approaching the 1.3833 high - Commerzbank

FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that EUR/USD charted a similar range, leaving the market capable of extending gains towards the 1.3833 recent peak.

Key Quotes

“This together with 1.3940/60 (50% retracement of the move down from 2008 and the 5 year resistance line) offers formidable resistance and we look for failure here.”

“The market remains bid near term and to alleviate upside pressure a close below the uptrend at 1.3555 is now needed.”