EUR/USD: flirts with the 1.2092 September high - Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, offers a technical outlook for the EUR/USD pair as investors await the release of flash Euro-zone CPI and the keenly watched NFP.

Key quote:

“EUR/USD tries to overcome the 1.2092 September high, a rise above which will target the 1.2168 50% retracement of the move down from the 2015 high and then the 1.2414 200 month ma. Immediate upside pressure will be maintained while the recent low at 1.2001 underpins.”

“It is bid above the 1.1817 22nd December low and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7th November low.”

“It is possible that the move to 1.1553 was the end of an a-b-c correction lower. This would mean that the longer term risk is still on the topside.”