EUR / USD is on the rise as the pair is currently hovering around 1.1930, up 0.15% on the day. Axel Rudolph, FICC Senior Technical Analyst at Commerzbank, keep a bullish outlook while EUR / USD trades above 1.18 level.
“EUR / USD continues to probe the 78.6% retracement at 1.1926. We need to clear this level and yesterday’s high of 1.1941, preferably on a closing basis, to activate another leg to the August 1.2014 high“.
The crossing is finding initial support at Nov 23 low at 1.1800 / 1.1786 and at the 55-day moving average. The current evolving chart pattern is considered a bullish consolidation. The DMI remains positive and intraday Elliott wave counts are also positive. “
“EUR / USD will remain on offer as long as it is above the six-month support line at 1.1715.”
“A close above 1.2015 would target 1.2622, the 200-month moving average.”
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