EUR/USD further gains above 1.1640/1.1480 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains bid as long as it trades above the 1.1480/1.1640 band.

Key Quotes

“EUR/USD has halted just ahead of 1.20: The daily RSI has not confirmed the new high and Friday saw the start of a sell off, as we suspected the 1.20 level proved to be a bit of a psychological level. Nearby support is provided by the accelerated uptrend at 1.1640 and the 3 month uptrend at 1.1480 and while above here, there is scope for further gains”.

“Resistance lies at 1.2040 the 2012 low, then 1.2170, the 50% retracement from the move down from the 2014 high”.