According to Karen Jones, analyst at Commerzbank, EUR/USD needs to overcome the 55 day moving average, last weeks high at 1.1264 and the 2018-2019 downtrend at 1.1302 in order to alleviate downside pressure and reassert upside interest.
Key Quotes
“This is a tall order at present and is likely to take several attempts. Be advised that as long as the recent lows at 1.1110/06 hold the pattern being traced out is a potential large bullish reversal pattern.”
“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1033 and the 1.0814 78.6% Fibonacci retracement.”
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