EUR/USD: Range preserved – Commerzbank

According to Karen Jones, analyst at Commerzbank, for the EUR/USD pair, recovery from here is currently being seen and this preserves the range and leaves the 1.1520 200 day ma back in the picture.

Key Quotes

“It has managed to regain 1.1342 (last weeks high) and this should alleviate immediate downside pressure. Below 1.1216 will target the 61.8% Fibonacci retracement of the 2017- 18 advance at 1.1186.”

“Above the 200 day ma will re-target the 1.1623 mid October high and slightly longer term we look for gains to 1.1702, the 55 week ma.”

“Long term trend (1-3 months): A rise above the recent high at 1.1623 would confirm a trend reversal and put the 55 week moving average at 1.1723 back on the cards.”