EUR/USD: Strong rebound - Commerzbank
Karen Jones, analyst at Commerzbank, notes that EUR/USD is seeing a strong rebound from the November low at 1.1267 and rallies are likely to find initial resistance at the 55 day ma at 1.1400 and at last week’s high at 1.1442.
“This guards the 2018 downtrend at 1.1503. Currently we suspect that the market is ranging. Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”
“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.”