EUR/USD room for a test of 1.1745/50 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could now advance and test the key 1.1745/50 band.

Key Quotes

“EUR/USD continues to stabilise at approx. 1.1540/20 as expected and should now retest the resistance offered by the 1.1745/50 area and the 1.1790 recent high. A recovery above here will trigger a move to the 1.1853 mid-June high and the 1.1917 55 week ma. We suspect that the recent low at 1.1301 was a significant turn for the market”.

“Initial support lies at 1.1558 20 day ma. The cross will need to drop sub 1.1508 to alleviate immediate upside pressure. Currently near term dips lower are indicated to hold around 1.1560/20”.