EUR/USD supported at 1.1689/1.1520 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted EUR/USD appears supported in the 1.1689/1.1520 area for the time being.

Key Quotes

“The daily RSI has not confirmed the new high and Friday saw the start of a sell off. Nearby support is provided by the accelerated uptrend at 1.1689 and the 3 month uptrend at 1.1520 and while above here, there is scope for further gains. It is not clear currently how far this slide will extend, our suspicion is to the 1.1520 uptrend”.

“Resistance above the 1.1910 recent high lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high”.