EUR/USD further gains expected above 1.1513/1.1406 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, EUR/USD's perspective remains bullish as long as it trades above the 1.1513/1.1406 band.

Key Quotes

“The new high has not been confirmed by the daily RSI and the market has reached major medium term resistance at 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma is also found in this vicinity at 1.1797”.

“Nearby support is provided by the accelerated uptrend at 1.1513 and the 3 month uptrend at 1.1406 and while above here, there is scope for further gains”.

“Above the 200 week ma would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.