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EUR/USD to remain well supported - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD’s emphatic rejection from 1.1500 (major key day reversal) earlier this week leaves the market side lined and suggests that the market is reluctant to break higher at this stage.

Key Quotes

“Dips lower are expected however to remain well supported by the 1.1300 - 1.1267 end of November low. The market faces tough overhead resistance at the 2018-2019 downtrend at 1.1451 and the 1.1500 zone but upside risks are growing longer term and a close above here (preferably a weekly close) would trigger a recovery to the 1.1623 October high and the 1.1649 200 day ma.”

“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.”

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