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EUR/USD is sitting at 1.0974, just below the 200-day moving average and the current May high at 1.1015/19, Commerzbank’s Karen Jones informs. EZ PMIs beat expectations.

Key quotes

“A close above the 200-day moving average at 1.1015 (favoured) is needed to regenerate upside interest to the 1.1240 December peak and beyond.”

“We note the 13-count on the 60-minute chart and suspect that we are likely to see another day of consolidation.” 

“Dips should find that the short term uptrend at 1.0793 offers support and while above here will assume a neutral to positive bias.”