EUR/CZK bullish above 25.51 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph noted the cross should shift to the bullish stance on a close above 25.51.

Key Quotes

“EUR/CZK retests the minor psychological 25.50 mark and March high. A rise above the next higher 25.51 early November low will put the January high and 200 day moving average at 25.63/65 on the cards”.

“Therefore as soon as a daily chart close above the 25.51 level were to be made, we would change our forecast from the current neutral to a bullish one”.

“While resistance at 25.50/51 continues to cap, though, the risk of a slip back towards the 25.24 April low and the February 2013 low at 25.18 occurring remains in place”.