Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair has eased back to support at 1.1176, the March low and between here and the 1.1100 area, they expect to see the market stabilise and again recover.
Key Quotes
“This will leave our focus on the 200 week ma at 1.1348 and the 200 day ma at 1.1354. Dips lower will ideally be contained by 1.1175. To really ignite upside interest, we suspect a close above 1.1354 is needed to target initially the 1.1570 2019 high. We regard recent lows at 1.1110/06 as an interim turning point.”
“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”
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