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EUR/USD upside bias intact above 1.1682/1.1721 – Commerzbank

The pair’s upside bias should remain unchanged as long as 1.1682/1.1721 continues to hold, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/USD has eased back to the previous downtrend, which is holding – this is currently located at 1.1721. While this and the 20 day ma at 1.1682 continues to hold, an upside bias will remain entrenched. The correction higher remains in force for now and is capable of testing the recent high at 1.1880 and the 61.8% retracement at 1.1886. Above the 1.1858/1.1910 area (early August and October highs) lies the 1.2092 September high”.

“Should failure at 1.1880/86 be seen then we should see the market retest the 200 day ma at 1.1327”.

“A slide back and close below the 20 day ma at 1.1685”.

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