EUR/USD expected to struggle around 1.2000 – Commerzbank

According to Senior Technical Analyst at Commerzbank Axel Rudolph, the pair is seen struggling around the key 1.20 area in the near term.

Key Quotes

“EUR/USD has risen above its previous August high at 1.1910 as expected and is getting ever closer to the psychological 1.2000 level around which it is likely to struggle today. Above it beckons the 1.2042 2012 low. Still further up sits the 50% retracement from the move down from the 2014 high at 1.2168”.

“Minor support below the early August high at 1.1910 comes in at the 1.1848 August 11 high. While the next lower August 25 low holds, upside pressure should be maintained”.

“Only if an unexpected drop below the 1.1662 mid-August low were to be seen would the 1.1654/13 area be targeted. It is where the late July low meets the five month support line”.