EUR/USD has completed a base – Commerzbank

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Karen Jones, analyst at Commerzbank, suggests that as the EUR/USD pair has broken above the 1.1500 resistance, it should be enough to trigger a recovery to the 1.1623 October high and the 1.1625 200 day ma.

Key Quotes

“Slightly longer term we target 1.1795, the 55 week ma. Dips lower are expected to remain well supported by the 100 day ma at 1.1476 and pullbacks should halt around 1.1450. The near term up trend lies at 1.1316.”

“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”

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