EUR/USD last week rallied to its initial target at 1.1334, the 200-week ma and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects some consolidation around this level before a test of the 1.1495 March high.
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Key quotes
“We would not be at all surprised to see some near-tem consolidation around the 200-week ma at 1.1334 ahead of gains to the 1.1495 March peak.”
“Longer-term target is the 1.1862 2008-2020 resistance line.”
“Dips are indicated to hold in the 1.1250/1.1170 band ahead of further gains to 1.1570, the 2019 high then 1.1815/22, the 61.8% retracement of the move down from the 2018 peak.”
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