Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair has continued to probe higher having recovered from the 1.1216 November low but is currently stalled at the 20 day ma at 1.1360.
Key Quotes
“Our attention remains on the 1.1516 200 day ma. It has managed to regain 1.1342 (last weeks high) and this should alleviate immediate downside pressure. Above the 200 day ma will re-target the 1.1623 mid October high and slightly longer term we look for gains to 1.1702, the 55 week ma.”
“Long term trend (1-3 months): A rise above the recent high at 1.1623 would confirm a trend reversal and put the 55 week moving average at 1.1723 back on the cards.”
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