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EUR/USD could face some consolidation near term – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could allow for some consolidation in the near term.

Key Quotes

EUR/USD has eroded key resistance offered by 1.1880/1.1910 (61.8% retracement, early August and October highs)/This is impressive, but we have exited longs for now and will not chase this higher as we have 13 counts on the 60 and 240 minute charts and would allow for some near term consolidation. Above here the next resistance is the 1.1976/78.6% retracement then the 1.2092 September high. Near term risk remains for further gains”.

“It stays immediately bid above its uptrend at 1.1776”.

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