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EUR/USD last week spiked down to the 61.8% retracement at 1.1052 and is now consolidating here, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“We look for the market to stabilise around 1.1052 and it should now recover.”

“We await a weekly close above the 200 week ma at 1.1346 as this would target the 1.1570 January 2019 high and then the 1.1815 September 2018 high.” 

“Our overall target is the 12 year downtrend at 1.1950. Above 1.1950 will introduce scope to the 200 month ma, the 2018 high and the long term Fibonacci retracement at 1.2525/1.2644.”

 

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