EUR/USD: Attention on the topside - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair’s reaction back from the 2018-2019 downtrend at 1.1287 was tepid at best and they continue to focus their attention on the topside.

Key Quotes

“A close above here (preferably on a weekly basis i.e. TODAY!) will complete a falling wedge pattern. Initial upside target will be the 200 day ma at 1.1368 and then the 1.1570 2019 high.”

“Dips lower will find initial support at 1.1200 and will ideally be contained by 1.1175. We regard recent lows at 1.1110/06 as an interim turning point.”

“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”