EUR/USD: remains on course to challenge the 1.2432 - Commerzbank

Karen Jones, Analyst at Commerzbank offers a technical view of the EUR/USD pair and foresees an extension of the current bullish trajectory in the near-term.

Key quotes:

“EUR/USD remains extremely bid very near term and has started to erode the 1.2066 pivot line. It remains on course to challenge the 1.2432 200 month ma. Support should be offered by the 1.2092 September high and the 20 day moving average at 1.1998 – the market will remain immediately bid above here.”

“Below 1.1998 will trigger losses to the 1.1872 uptrend. It will remain overall bid above the 1.1872 short term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid November low guards the 1.1553 7 th 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.”