EUR/USD cautious near term – Commerzbank

In light of the recent price action, EUR/USD's stance remains cautious in the near term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“The Euro’s pullback on Friday was tiny and it ended the week still bid. The recent high has yet to be confirmed by the daily RSI and caution is warranted. While dips lower hold over the near term uptrend at 1.0930, the market stays immediately bid. The market has potential to reach the 1.1300 November 2016 high and highs from mid 2016 circa 1.1400, however we believe it will struggle here from a longer term perspective”.

“Below the uptrend will signal a slide to the 200 day ma at 1.0826 and failure here is needed to negate upside pressure”.