EUR/USD could test 1.1790 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted spot could attempt a visit to the 1.1790 region.

Key Quotes

“EUR/USD is at the top of a 3 month channel and poised to encounter its 200 week ma at 1.1788: The market has reached its 200 week ma and it is also at the top of a 3 month channel and we would look for signs of profit taking here. Note that the daily RSI has not confirmed the new high”.

“Nearby support is provided by the accelerated uptrend at 1.1561 and the 3 month uptrend at 1.1425 and while above here, there is scope for further gains”.

“Above 1.1800 would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.