Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair last week sold off towards the 1.1330 uptrend, and seeing some stabilisation ahead of here.
Key Quotes
“The market is currently pretty neutral, but we look for some signs of recovery this week. Dips lower should be contained by the 200 week ma at 1.1326 and the 2016-2019 uptrend at 1.1306. We favour a recovery to the 1.1596/1.1623 200 day ma and mid-October high and slightly longer term we target 1.1772, the 55 week ma.”
“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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