EUR/USD extra gains are likely above 1.1093 – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis at Commerzbank, EUR/USD could re-test the 1.1180 region while above 1.1093.

Key Quotes

“EUR/USD has managed to stabilise around the 61.8% retracement at 1.0994. Thursdays price action constituted a key day reversal and we have seen a recovery to the 55 day ma at 1.1093. We will need to regain this for a viable retest of the 1.1180 recent high (favoured). While capped by the 55 day ma, the market is regarded as under pressure and capable of extending the decline to the next Fibonacci support at 1.0943”.

“Above 1.1180 will target the 1.1262 top of the channel and the 1.1359 200 week ma”.