Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair has continued to recover off the 1.1176 recent low, and has eroded the 20 day ma at 1.1273, and they favour a move higher.
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 1.1399 ahead of the 200 day ma at 1.1448. The cross should target the 1.1570 January high, together with the 55 week ma at 1.1568.”
“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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