EUR/USD still eyes 1.1848/1.1910 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair remains focused on 1.1848 and 1.1910 for the time being.

Key Quotes

“EUR/USD remains above its two week downward channel at 1.1756 and still has the recent highs at 1.1848 and at 1.1910 in its sights. This will be the case while last week’s low at 1.1662 holds. A rise above the 1.1910 level will put the 1.2042 2012 low on the map. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168”.

“Were an unexpected drop below the 1.1662 level to be seen, however, the 1.1621/10 area would be targeted. It is where the late July low meets the five month support line”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.