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EUR/USD: longer term risk is still on the topside – Commerzbank

Karen Jones, Analyst at Commerzbank, maintains a bullish outlook for the EUR/USD pair, despite repeated failed attempts to break through the 1.2092 September highs. 

Key quotes: 

“EUR/USD continues to be capped by the 1.2092 September high, we note the 13 count on the 240 minute chart and would allow for a small pullback ahead of further upside attempts.”

“A rise above 1.2092 will target the 1.2168 50% retracement of the move down from the 2015 high and then the 1.2414 200 month ma.”

“It is bid above the 1.1833 short term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7th November low.”

“It is possible that the move to 1.1553 was the end of an a-b-c correction lower. This would mean that the longer term risk is still on the topside.”

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