EUR/USD: Near term further consolidation looks likely - Commerzbank

According to Karen Jones, analyst at Commerzbank, near term further consolidation looks likely for the EUR/USD pair after it has remained capped this week by the 200 week ma at 1.1347 and the 200 day ma at 1.1360.

Key Quotes

“Dips lower are indicated to hold circa at 1.1255/30 and will ideally be contained by 1.1175. To really ignite upside interest, we suspect a close above 1.1360 is needed to target initially the 1.1570 2019 high. 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.”