Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s stance remains bid as long as it trades above 1.1687.
Key Quotes
“EUR/USD still cannot quite manage to clear the 1.1790/1.1803 resistance area – we are awaiting a close above 1.1790 which should be enough to 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 1.1945 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”.
“The market stays bid above the 1.1687 near term support line and we will again tighten our stops on long positions”.
“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.
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