EUR/USD bid above 1.0832 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains bid while above the key 200-day sma, today at 1.0832.

Key Quotes

“Euro last week eroded a 5 month downtrend, the 55 week ma at 1.0926, the 61.8% retracement at 1.0974 and on Thursday charted an outside day to the topside. It is bid above the 200 day moving average at 1.0832. This move has opened the path higher and targets the January 2015 low at 1.1098 and the 1.1146 78.6% retracement. We note the 13 count on the 240 minute chart and the divergence of the daily RSI and will wait to buy on a dip”.

“Below the 200 day ma we should see losses to the 55 day moving average at 1.0706 and the 2017 support line at 1.0633”.