Karen Jones, analyst at Commerzbank, factors out that the EUR/USD continues to get better off the 2016-2019 uptrend at 1.1289 and have further assist supplied by the 1.1267/70 November and December lows.
“Supplied that the market holds right here we favour a restoration to the 1.1569 200 day ma and the 1.1623 mid October excessive and barely long run we goal 1.1759, the 55 week ma. Close to time period rallies might want to regain the 1.1446 100 day ma to refocus on the topside. Helps at 1.1267 and at 1.1216 are anticipated to carry.”
“Failure at 1.1267 will set off losses to the 1.1216 current low and the 61.eight% Fibonacci retracement of the 2017-18 advance at 1.1186. Please word that we proceed to treat the 1.1216 current low as an interim low for the market.”