EUR/USD: Consolidating - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair has merely consolidated following its break of the 2018- 2019 downtrend on a weekly closing basis and is holding below the 200 week ma at 1.1347 and the 200 day ma at 1.1364.

Key Quotes

“To really ignite upside interest, we suspect a close here is also probably needed to target initially the 1.1570 2019 high. Dips lower are indicated to hold at 1.1255/30 and will ideally be contained by 1.1175. We regard recent lows at 1.1110/06 as an interim turning point.”

“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”