EUR/USD remains short-term bullish while above 1.1800 – Commerzbank

EUR/USD is edging higher as the pair is currently hovering around 1.1930, up 0.15% on the day. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, maintains a bullish outlook while the EUR/USD pair trades aboe the 1.18 level.

Key quotes

“EUR/USD continues to probe the 78.6% retracement at 1.1926. This and yesterday’s high at 1.1941 we need to clear, preferably on a closing basis, to trigger another leg up to the 1.2014 August peak.” 

The cross is finding initial support at the 1.1800/1.1786 November 23 low and the 55-day ma. The currently evolving chart pattern is viewed as a bullish consolidation. The DMI stays positive and the intraday Elliott wave counts are also positive.” 

“EUR/USD will remain bid while above the six month support line at 1.1715.” 

“A close above 1.2015 would target 1.2622, the 200-month moving average.”