EUR/USD to edge higher towards the March high and 200-DMA at 1.1990/1.2005 – Commerzbank

EUR/USD hovers around 1.1840, after four consecutive days of rises. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to reach the March and 200-day moving average (DMA) at the 1.1990/1.2005 region.

1.1740 provides near-term support

“EUR/USD remains bid near-term.” 

“Dips should find the previous downtrend at 1.1740 offering near-term support.” 

“The pair has recently completed a falling wedge reversal pattern and we now look for gains to the 1.1909 July high and then the 1.1990/1.2005 March high and 200-DMA. 

“Initial support is the 1.1704 March low ahead of the 1.1665/64 recent low and the 1.1576 200-week ma.”