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EUR/USD has eroded the top of the 14 month down channel at 1.1182 and the 1.1240 December high. Karen Jones,  Team Head FICC Technical Analysis Research at Commerzbank analyzes the pair technically.

Key quotes

“While we are unable to rule out a correction back 1.1060 and possibly 1.1020 near term, currently the market looks bid.” 

“Above lies the 1.1300 55 month ma and the 200-week ma at 1.1346. This is critical from a longer-term perspective, a weekly close above here would target the 12-year downtrend at 1.1950.”