EUR/USD creeps closer to its range high at 1.1920/26 – Commerzbank

EUR/USD is trading around 1.19 as the pair creeps ever closer to its range high at 1.1920/26. Above this level, the world’s most popular currency pair sees next resistance at the August high of 1.2014, analysts at Commerzbank apprise. 

Key quotes

“EUR/USD is finding initial support at the 1.1783 55-day ma and is creeping ever closer to its range high. It is viewed as a bullish consolidation, the DMI stays positive and the intraday Elliott wave counts are positive but we have yet to see the trigger of a break higher.”

“The pair is consolidating below its current November high at 1.1920 and the 78.6% retracement at 1.1926, but it will remain bid in its range while above the six month support line at 1.1695.” 

“Resistance at 1.1926 is considered the last defence for the August peak at 1.2014.”