According to Karen Jones, analyst at Commerzbank, EUR/USD pair has started to erode its 55 and 100 day moving averages at 1.1386/90 and they are hopeful that this means it is going to start moving.
Key Quotes
“We look for it to remain under pinned by the 1.1216 November low. Our attention remains on the 1.1510 200 day ma. We continue to favour recovery this week. Above the 200 day ma will re-target the 1.1623 mid-October high and slightly longer term we look for gains to 1.1685, the 55 week ma.”
“Long term trend (1-3 months): A rise above the recent high at 1.1623 would confirm a trend reversal and put the 55 week moving average at 1.1723 back on the cards.”
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