EUR/USD remains bid near term – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on EUR/USD stays positive for the time being.

Key Quotes

“EUR/USD is positive: No change, the market remains bid and although we are cautious due to the second 13 count, further gains look likely. Nearby support is provided by the short term uptrend at 1.1384 and the accelerated uptrend at 1.1481 and while above here, there is scope for 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma is also found in this vicinity at 1.1797”.

“Above the 200 week ma would introduce scope to 1.2170, the 50% retracement from the move down from the 2014 high”.