Search ForexCrunch

Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair has last week sold off to the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186, which held the initial test.

Key Quotes

“The bounce from here has been tepid so far and there is now a considerable amount of resistance above the market extending up to the 200 day ma at 1.1493. Rallies will find initial resistance at 1.1312 the 20 day ma, which guards the 1.1420 end of February high and the 1.1435 downtrend. Below 1.1185/75 lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”