EUR/USD: Buy the dips, the 1.2092 Sept high still eyed - Commerzbank

Karen Jones, Analyst at Commerzbank, in its latest daily EUR/USD technical outlook, notes that every decline in the spot should be considered a good buying opportunity, as risks still remain tilted to the upside.  

Key Quotes:

“EUR/USD remains below the 1.2092 September high. We would allow for it possibly to hold the initial test but the risk is that we will see a break above here shortly as there is little to suggest a reversal. We note the 13 count on the 60-minute chart and will wait for a dip to buy.”

“Above 1.2092 will target initially the 1.2168 50% retracement of the move down from 2015 high and then the 1.2414 200 month ma. It is bid above the 1.1817 22nd December low and this guards the 1.1717/12 November and December lows.”

“The 1.1712 mid-November low guards the 1.1553 7th November low. Short-Term Trend (1-3 weeks): Positive target 1.2087/92.”