According to Karen Jones, analyst at Commerzbank, EUR/USD pair has cleared the 2018-2019 downtrend on a weekly closing basis and in doing so completed a falling wedge pattern with a 1.1990 upside measured target.
Key Quotes
“To really ignite upside interest we suspect, a close above the 200 week ma at 1.1347 and the 200 day ma at 1.1365 is also probably needed to target the 1.1570 2019 high. Dips lower are indicated to hold at 1.1255/30 and will ideally be contained by 1.1175. 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.”
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