EUR/USD: Near term uptrend eroded - Commerzbank
Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair, after eroding its near term uptrend after being sold off to the end of November low at 1.1267, is having a possibility of a bounce from here.
“But it is on the defensive and failure here will trigger losses to the 1.1216 recent low and 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. Rallies will find initial resistance at last weeks high at 1.1442 and this guards the 2018 downtrend at 1.1503.”
“Long term trend (1-3 months): A rise above the recent high at 1.1625 would confirm a trend reversal and put the 55 week moving average at 1.1836 back on the cards.”