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EUR/USD is consolidating at the 61.8% retracement at 1.1052 and analysts at Commerzbank look for the market to stabilise here and recover.

Key quotes

“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 12year 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.”