EUR/USD: Upside opening up towards 1.1500/30 – Commerzbank
Karen Jones, Head of FICC Technical Analysis, offers key technical levels for trading EUR/USD in the day ahead.
“EUR/USD has recovered to reach the 55-day moving average at 1.1436. We look for further gains to the November high at 1.1500 and1.1530/1.1622 (2018 downtrend and 16th October high). This will need to be overcome to negate downside pressure. Dips lower will ideally be contained by 1.1300. This guards the 1.1216 November low.
Below the 1.1216 November low lies the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Failure there would put the late May and June 2017 lows at 1.1119/10 on the cards.”