According to Karen Jones, analyst at Commerzbank, EUR/USD pair has eroded the 2018-2019 downtrend at 1.1287, but not closed above here and a close above here (preferably on a weekly basis) will complete a falling wedge pattern.
Key Quotes
“Initial target will be the 200 day ma at 1.1369 and then the 1.1570 2019 high. Dips lower will find initial support at the 55 day ma at 1.1215 and will ideally be contained by 1.1150. We regard recent lows at 1.1110/06 as an interim turning point.”
“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”
Share
