EUR/USD has eroded the 200 day moving average but not maintained the break. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, examines the EUR/USD pair from a technical standpoint.
Key quotes
“EUR/USD has eroded the 200 day moving average but not maintained the break and appears to be stalling at the 61.8% retracement at 1.1167; we would allow for a minor retracement to 1.0990.”
“Above 1.1167 will open the path to December and January and March 16 highs at 1.1224/40. This area guards the 1.1495 March high.”
“Initial support is 1.0926/41 the September and October lows. This guards 1.0778, the mid February low.”
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