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Further gains in EUR/USD are likely as long as the pair trades above 1.1742, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

EUR/USD has maintained upside pressure following the break above the 1.2014 August peak. It is poised to reach 1.2145, the 78.6% retracement and this is the break up point longer term to 1.2622, the 200 month moving average. We note the 13 count on the 240 minute chart and will attempt to buy the dips. Dips should find initial support at 1.1921 and good nearby support at the 1.1800/03 November 23 low and the 55 day ma. EUR/USD will remain bid while above the six month support line at 1.1742.”