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Karen Jones, analyst at Commerzbank, explains that EUR/USD pair has continued to consolidate just below resistance at 1.1285 and the 200 day ma at 1.1294.

Key Quotes

“The consolidation is viewed in a positive light, intraday Elliott wave counts are positive. Key resistance is 1.1354/71, the 2018-2019 down channel and the 55 week ma. A weekly close above this latter level is needed for us to adopt an outright bullish stance.”

“Dips lower are likely to find some support circa 1.1150/06. Key support is the 1.0961 2018-2019 support line and below here lies the 78.6% retracement at 1.0814/78.6% retracement.”

“The market will need to regain the 55 week ma and channel at 1.1360/77 to generate upside interest.”