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Karen Jones, analyst at Commerzbank, points out that the EUR/USD has reached and is stalling at tougher resistance at the 55 and 100 day ma at 1.1364/67.

Key Quotes

“We would allow for initial failure and some slippage back to the low 1.1300 region. We have our doubts that the market will at this juncture retest the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186 and suspect that this may in fact be a falling wedge (bullish formation) developing.”

“Rallies will find initial resistance at 1.1364/67, the 55 and 100 day ma, which guard the 1.1420 end of February high and the 1.1416 downtrend. Above the downtrend lies the 1.1480 200 day ma and the 1.1570 January high.”