EUR/USD scope for further gains above 1.1681 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair could move higher as long as it trades above 1.1681.

Key Quotes

“EUR/USD remains side-lined above its recent low at 1.1681. While remaining above here, there is scope for further gains with the recent high at 1.1848 being in focus. If bettered, the current August peak at 1.1910 will be back in the picture, a rise above which will put the 1.2042 2012 low on the map. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168”.

“Were a a drop below the 1.1681 level to be seen, though, the 1.1621/1.1576 area would be targeted. It is where the late July low meets the five month support line”.

“Failure at the five month uptrend line will trigger losses to the mid-June high at 1.1296 and the more important 1.1110 end of May low”.