EUR/USD is approaching the 1.13 level and as the pair stays above 1.1168, Commerzbank’s Axel Rudolph is looking at the 1.1422 June high with the March high at 1.1495 then capping.
Key quotes
“We will retain our bullish bias while EUR/USD stays above its 1.1168 June 22 low on a daily chart closing basis. While this is the case we will continue to target key resistance at the 1.1422 June high.”
“The 1.1422 June high, together with the March high at 1.1495, represents quite formidable resistance which we would expect to cap at first.”
“A break above the March high at 1.1495 is eventually favoured and would target the 2019 high at 1.1570, then 1.1815/22, the 61.8% Fibonacci retracement of the move down from the 2018 peak and the September 2018 high.”
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