Karen Jones, analyst at Commerzbank, suggests that EUR/USD pair continues to struggle with interim resistance at 1.1285 and again has sold off – it is on the defensive.
Key Quotes
“Provided dips lower hold over the March and mid-June lows at 1.1181/76 on a closing basis an upside bias will be preserved. We should then see a recovery towards the 200 day moving average and early June high at 1.1313/48. This guards the more important 1.1344/1.1412 55 week ma and recent high.”
“Above the 1.1412 June high we look for resumption of the up move and a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018.”
“Below 1.1175/60 will allow for another test of 1.1110/06. We regard the April and May lows at 1.1110/06 as a turning point and continue to view the market as based longer term and target 1.1990 (measurement higher from the wedge).”
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