EUR/USD above 1.1910 targets 1.2042 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph sees room for a test of the 1.2040 region if the recent top at 1.1910 is cleared.

Key Quotes

“EUR/USD is once more breaking out of its two week downward channel at 1.1765 and thus has the recent highs at 1.1848 and at 1.1910 in its sights. This will be the case while last week’s low at 1.1662 holds. A rise above the 1.1910 level will put the 1.2042 2012 low on the map. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168”.

“Were an unexpected drop below the 1.1662 level to be seen, however, the 1.1621/10 area would be targeted. It is where the late July low meets the five month support line”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.