EUR/USD could attempt a test of 1.1429/95 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there would be scope for the pair to visit the 1.1429/95 area.

Key Quotes

“EUR/USD has eroded the 1.1273 2014-2016 resistance line – however it has only just managed to close above here and this break higher has stalled ahead of 1.1347, the 61.8% retracement. We will need to monitor price action around the trendline. Above 1.1347 will introduce scope to 1.1429/95, the recent high and pivot point”.

“Initial support is 1.1157, the 20 day ma, but intraday the Elliott wave is suggesting pullbacks to only 1.1235/55 ahead of another leg higher”.