EUR/USD breaks above 1.17 to target September 2018 high at 1.1833 – Commerzbank

EUR/USD maintained upside pressure last week and has eroded the 1.1570 2019 high and the 1.1596 50% retracement of the move down from 2018. Today, the pair has lifted to fresh tops above 1.17 the figure and Commerzbank’s Karen Jones targets the September 2018 high at 1.1833.

Key quotes

“We have a number of warning signals now and caution is warranted, but acknowledge that the market remains bid.” 

“We target 1.1815/33, this a 61.8% Fibonacci retracement, a 12-year resistance line and the September 2018 high. This is highly likely to hold the initial test.”

“Initial support lies at the March high at 1.1495. Ideally dips lower will be contained by the two-month uptrend at 1.1383.”

“Above 1.1833 would target 1.2635/66, the 200-month ma”.