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Senior Analyst at Commerzbank Axel Rudolph noted a close above 1.1803 could trigger a move to 1.1853.

Key Quotes

“Last week EUR/USD briefly shot up to 1.1803 before dipping back below its July high at 1.1790. The 1.1790/1.1803 resistance area is to cap today but over the course of the week still looks exposed. A close above 1.1803 will trigger a move to the 1.1853 mid-June high and the 1.1904 55 week ma. Directly above here lies the 200 day ma at 1.1947 and we would allow for some profit taking there. We continue to view the August low at 1.1301 as a significant turn for the market”.

“Minor support comes in at the 1.1750/34 late July and August highs. The market stays bid above the 1.1637 near term support line”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.