Karen Jones, analyst at Commerzbank, suggests that they favour a move higher for the EUR/USD pair after it started to rally higher in earnest on Friday and as the 1.1176 recent low is regarded as an interim low.
Key Quotes
“We suspect that it is trying to base but needs to do more work (we note the 13 count on the weekly chart and this adds weight to the idea of a potential base). Initial resistance is the 100 day ma at 1.1349 and the resistance line at 1.1396 ahead of the 200 day ma at 1.1446.”
“The cross should target the 1.1570 January high, together with the 55 week ma at 1.1551. We note the TD set up on the daily chart and this may provoke some near term consolidation.”
“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”
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