EUR/USD now targets 1.1416 and 1.1570 – Commerzbank

In light of the ongoing strong rebound, EUR/USD could now advance to 1.1416 ahead of 1.1570, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/USD last week tested and saw a strong rebound off support at 1.1176, the March low. The market has overcome on a closing basis both the 200 week ma and the 200 day ma at 1.1349. This should trigger an attempt on the 1.1416 55 week moving average and the 1.1570 2019 high. Beyond this we target 1.1815/54 (highs from June and September 2018)”.

“We regard recent lows at 1.1110/06 as an interim turning point and continue to view the market as based longer term and we target 1.1990 (measurement higher from the wedge). Initial support at 1.1175”.