EUR/USD eyes the current July highs at 1.1371 – Commerzbank

EUR/USD is gaining 0.13% on the day to trade at 1.1315 as the pair heads towards the July high at 1.1371. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, expects the upside pressure to be kept while the EUR/USD pair trades above 1.1255.

Key quotes

“EUR/USD is heading back up towards its current July high at 1.1371, above which beckons the June peak at 1.1422. It will remain in play while the cross remains above the two month support line at 1.1267 and, more importantly, above the 1.1168 June 22 low. Immediate upside pressure should be maintained above Friday’s low at 1.1255.” 

“The 1.1422 June high, together with the March high at 1.1495, represents quite formidable resistance which we would expect to cap at first. However a break higher is eventually favoured and would target the 2019 high at 1.1570, then 1.1815/22, the 61.8% Fibonacci retracement of the move down from the 2018 peak and the September 2018 high.”