EUR/USD completes a bullish pattern - Commerzbank
|Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair has broken up from a falling wedge pattern and rallies will find initial resistance at the 200 day ma at 1.1480 and the 1.1570 January high together with the 66 week ma at 1.1630.
Key Quotes
“It is a reversal pattern and it is bullish it implies that 1.1176 is an interim low in place.”
“Markets at this juncture should find initial support at the 1.1367 (100 day moving average), ahead of the 1.1329 (20 day moving average), which should now hold the downside for further upside attempts.”
“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”
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