EUR/USD could visit 1.2599/1.2661 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a test of the 1.2599/1.2660 region in the next 1-3 weeks.

Key Quotes

“EUR/USD is consolidating, it has recently reached long term Fibonacci resistance at 1.2517/1.2600. We note that the steep January support line has been eroded but the break lower was not sustained. The risk of a near term correction lower remains however. Below 1.2335 lies the January 18 low at 1.2165 and, more importantly, the August and September highs at 1.2092/70”.

“Above 1.2600 will test the 2008-2018 resistance line at 1.2710”.

“Bullish, could reach the 1.2599/1.2661 region”.