EUR/USD now targets 1.2383 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair should regain 1.2383 in order to allow for extra gains.

Key Quotes

“EUR/USD continues to be range bound within its February and early March boundaries at 1.2556/1.2155. However it is attempting to recover. It needs to overcome the 1.2383 resistance line for a shot at last week’s high at 1.2413 ahead of the current March high at 1.2447.If the 1.2447 level were to unexpectedly be exceeded, the January and February highs at 1.2538/56 would be back in the picture”.

“The three month support line at 1.2257 guards the more important 1.2165/55 area. It is made up of the mid-January and current March lows and the 2017-2018 uptrend. A weekly close below here would add weight to the idea that the market recently topped at 1.2556”.

“Above the 2008-2018 resistance line at 1.2651 lies the 1.3190 50% retracement of the move down from 2008”.