Karen Jones, Analyst at Commerzbank, notes that the EUR/USD is attempting to recover just ahead of the 1.1300 August and October lows and the market needs to overcome the current November high at 1.1500 to alleviate immediate downside pressure and allows for gains to 1.1581/1.1622 (2018 downtrend and 16th October high). Key Quotes “Support at 1.1300 guards 1.1216 the recent low. While the 1.1216 current November low holds the downside scope for recovery remains longer term, but waning downside risk has increased!” “Where are we wrong? Below the 1.1216 current November low lies the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Failure there would put the late May and June 2017 lows at 1.1119/10 on the cards.” “Short term trend (1-3 weeks): Two month downtrend channel eroded look for gains to 1.1500, 1.1625. Long term trend (1-3 months): A rise above the recent high at 1.1625 would confirm a trend reversal and put the 55 week moving average at 1.1852 back on the cards.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY trades with modest losses, just below 1-1/2 week tops FX Street 4 years Karen Jones, Analyst at Commerzbank, notes that the EUR/USD is attempting to recover just ahead of the 1.1300 August and October lows and the market needs to overcome the current November high at 1.1500 to alleviate immediate downside pressure and allows for gains to 1.1581/1.1622 (2018 downtrend and 16th October high). Key Quotes "Support at 1.1300 guards 1.1216 the recent low. While the 1.1216 current November low holds the downside scope for recovery remains longer term, but waning downside risk has increased!" "Where are we wrong? Below the 1.1216 current November low lies the 61.8% Fibonacci retracement of the 2017-18… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
