In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair faces good resistance in the 1.1745/50 band.
Key Quotes
“EUR/USD spent much of last week consolidating just below the 55 day ma, currently at 1.1615, but has now risen above it to the 1.1700 level. Above it good resistance can be seen at the 1.1745/50 recent highs. The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.
“Only a drop and daily chart close below the 1.1300/1.1296 November 2016 and mid-June 2017 highs would make us assume the resumption of the down move. In this case the 61.8% Fibonacci retracement of the 2017-18 rise at 1.1187 would be targeted”.
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