EUR/USD to extend its gains toward the 1.1990/1.2005 zone – Commerzbank
|EUR/USD has broken higher from a reversal pattern. The pair now eyes the 1.1909 July high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
55-DMA at 1.1820 may provoke some near-term consolidation
“EUR/USD has recently closed above its short term downtrend and 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-day ma.”
“Dips should find the previous downtrend at 1.1755 offers near-term support.”
“The pair is currently eroding the 55-day ma at 1.1820, this may provoke some near-term consolidation.
“Initial support is the 1.1704 March low ahead of the 1.1665/64 recent low and the 1.1576 200-week ma.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.