EUR/USD still room for a test of 1.1745/50 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains well on track to test the key 1.1745/50 band.

Key Quotes

“EUR/USD has eased back towards but covered ahead of the 1.1510/08 supports. This leaves scope intact for recovery to resistance offered by the 1.1745/50 area and the 1.1790 recent high. A rally above here is needed to trigger a move to the 1.1853 mid-June high and the 1.1910 55 week ma. Meanwhile we remain unable to rule out a retest of the 1.1508/10 May and June lows. We suspect that the recent low at 1.1301 was a significant turn for the market”.

“The cross will need to drop sub 1.1508 to alleviate immediate upside pressure”.