EUR/USD now looks to 1.1347 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside momentum could extend to the mid-1.1300s.

Key Quotes

“EUR/USD is attempting to maintain its break of the 1.1273 2014-2016 resistance line, there is a slight upside bias very near term and scope to challenge the 1.1347, the 61.8% retracement. Above 1.1347 will introduce scope to 1.1429/95, the recent high and pivot point, where it is expected to fail”.

“Initial support is 1.1160, the 20 day ma, but intraday the Elliott wave is suggesting pullbacks will hold 1.1240 ahead of another leg higher”.