EUR/USD continues to look at the 1.1495 March high – Commerzbank

EUR/USD is showing no changes on the day as trades at 1.1384. Despite having fallen below the June peak at 1.1422, Commerzbank’s Axel Rudolph expects the pair to look for the March high at 1.1495.

Key quotes

“EUR/USD slid back below the June peak at 1.1422, having briefly risen to 1.1452 earlier this week. Despite this the cross still has the March high at 1.1495 in its sights. It 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. These levels will remain in play while the cross remains above the two-month support line at 1.1302 and, more importantly, above the 1.1168 June 22 low.”

“Immediate upside pressure should be maintained above Friday’s low at 1.1255.”