Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair is probing the 100 day ma at 1.1444 and is now exposed and a break above here should propel it to the 200 day ma at 1.1565.
Key Quotes
“It continues to recover off the 2016-2019 uptrend at 1.1289. We have additional support offered by the 1.1267/70 November and December lows. Provided that the market holds here we favour a recovery to the 1.1565 200 day ma and the 1.1623 mid-October high and slightly longer term we target 1.1759, 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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