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EUR/USD broke the 1.1240 December peak and met the 1.1333 initial target. The pair now points to the 1.1495 March high, as Commerzbank’s Karen Jones notes.

See: German Factory Orders plunge 25.8% MoM in April vs. -19.7% exp, EUR/USD unfazed

Key quotes

“EUR/USD has eroded the 1.1240 December peak; and has reached its initial target at 1.1333, the 200-week ma. It is possible that we may see some consolidation around here ahead of gains to the 1.1495 March peak.”

“Dips are indicated to hold in the 1.1250/1.1170 band ahead of further gains to 1.1570, the 2019 high then 1.1815/22, the 61.8% retracement of the move down from the 2018 peak.”