EUR/USD could test 1.1462 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could test the 1.1460 region as long as it remains supported by the 1.1296/84 area.

Key Quotes

“The Euro is under pinned very near term by the May high circa 1.1296 and the short term uptrend at 1.1284. While above here, the market remains capable of retesting the two year resistance line at 1.1464. However with a 13 count evident on the daily chart, and TD resistance at 1.1521, and divergence of the daily RSI, we look for this to cap. The market will find immediate support at the 1.1284 4 month uptrend and this guards the more important 1.1110 end of May low”.

“A close above 1.1462 sees the market break higher from its long term range. Above 1.1462 will target 1.1616, the May 2016 high and then 1.1713/36 the August 2015 high and long term Fibo”.