EUR/USD is posting small gains on Tuesday as the pair heads towards the 1.1374 July high and the June peak at 1.1422, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Key quotes
“EUR/USD is heading back up towards its current July high at 1.1374, above which still beckons the June peak at 1.1422. It will remain in play while the cross remains above the two month support line at 1.1278 and, more importantly, above the 1.1168 June 22 low. Immediate upside pressure should be maintained above Friday’s low at 1.1255.”
“The 1.1422 June high, together with the March high at 1.1495, represents quite formidable resistance which we would expect to cap at first. However, a break higher is eventually favoured and would target the 2019 high at 1.1570, then 1.1815/22, the 61.8% Fibonacci retracement of the move down from the 2018 peak and the September 2018 high.”
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