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EUR/USD: Recovery in place - Commerzbank

Karen Jones, analyst at Commerzbank, points out that EUR/USD has broken above the 1.1500 resistance and suggests that this should be enough to trigger an recovery to the 1.1623 October high and the 1.1629 200 day ma.

Key Quotes

“Slightly longer term we target 1.1795, the 55 week ma. Dips lower are expected to remain well supported by the 1.1300 - 1.1267 end of November low and should find initial support at the 100 day ma at 1.1477. We note the 13 count on the 240 minute chart and may see a dip back today.”

“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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