EUR/USD bid above 1.2280 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should remain bid while above 1.2280.

Key Quotes

“EUR/USD has reached the 1.2433 200 month ma. It is immediately bid above the accelerated uptrend at 1.2280. There is scope for an overshoot to the double Fibo at 1.2525/1.2600, the 38.2% retracement of the move down from 2008 and the 61.8% retracement of the move down from the 2014 peak. We have warning signals on the intraday charts BUT the market looks extremely bid”.

“Below 1.2280 lies 1.2165, the 18th January low with further support offered by the 1.2092 September high – the market will remain immediately bid above here”.

“Below 1.2092 will trigger losses to the 1.1928 uptrend”.