Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair is consolidating at the moment and remains well placed to challenge and break above the 1.1500 resistance.
Key Quotes
“Dips lower are expected to remain well supported by the 1.1300 – 1.1267 end of November low and we favour an eventual retest of the 1.1500 region. The market faces tough overhead resistance in the 1.1500 zone but upside risks are growing longer term and a close above here (preferably a weekly close) would trigger a recovery to the 1.1623 October high and the 1.1632 200 day ma. Slightly longer term we target 1.1795, the 55 week ma.”
“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”
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