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Karen Jones, analyst at Commerzbank, notes that EUR/USD held steady yesterday and continues to target initially the 200 day ma at 1.1207 and then the top of the channel at 1.1290.

Key Quotes

“The 55 week ma lies at 1.1258. Intraday dips are indicated to be likely to hold in the 1.1120/1.1085 vicinity. This guards the short term uptrend at 1.1047. Longer term the critical resistance to overcome is the 200 week ma at 1.1355 and while we would allow for this zone of resistance to hold the initial test, longer term we look for a break higher to feature. This will target 1.1520/70, the 2019 high, as a minimum.”

“Below 1.0879 we have the January 2017 low at 1.0829 and the 78.6% Fibonacci retracement of the 2017-2018 advance at 1.0814.”