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Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair is very, very slowly inching higher in its range and they are looking for it to remain under pinned by the 1.1216 November low but it is currently stalled at the 55 and 100 day moving averages at 1.1386/91.

Key Quotes

“Our attention remains on the 1.1511 200 day ma. It is again expected to creep higher this week. Above the 200 day ma will re-target the 1.1623 mid-October high and slightly longer term we look for gains to 1.1685, 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.”