EUR/USD could still test 1.1366 – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank suggested there is still room for the pair to test the 1.1360 area.

Key Quotes

“EUR/USD remains bid in its range and is poised to reach the 4 month resistance line at 1.1287. This is reinforced by 1.1366 the August high. Only an unexpected rise above here would introduce scope to 1.1416/65, the mid-April and June highs”.

“In order to alleviate immediate upside pressure the market will need to move back below the 1.1190 area, this guards the 1.1123 31st August low. We favour failure here but are unable to rule out a push into the 1.1366 area”.

“Below 1.1123, the seven month support line at 1.0992 will be targeted next, together with the June and July lows at 1.0952/12”.