EUR/USD upside still targets 1.2413 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot needs to clear 1.2413 in order to get extra upside traction.

Key Quotes

“EUR/USD was pretty side-lined last week. The market is starting to erode the near term resistance line which offers resistance at 1.2374, but it lacks conviction. It will need to overcome the recent high at 1.2413 which guards the current March high at 1.2447 to push higher. If the 1.2447 level were to unexpectedly be exceeded, the January and February highs at 1.2538/56 would be back in the picture (the long term downtrend at 1.2651). We have neutral signals and no strong bias currently”.

“This is made up of the midJanuary and current March lows and the 2017-2018 uptrend. A weekly close below here would add weight to the idea that the market recently topped at 1.2556”.

“Above the 2008-2018 resistance line at 1.2192 lies the 1.3190 50% retracement of the move down from 2008”.