Commerzbank Analyst Karen Jones says the EUR/USD is bid and could test September high of 1.2092 soon.
EUR/USD continues to see recovery off the 20 day ma at 1.1945. While above here, the market is bid and attention once more reverts to the 1.2092 September high. Below 1.1945 will trigger losses to the 1.1853 uptrend. A rise above 1.2092 will target the 1.2168 50% retracement of the move down from 2015 high and then the 1.2414 200 month ma.
Where are we wrong? It will remain overall bid above the 1.1853 short-term uptrend and this guards the 1.1717/12 November and December lows. The 1.1712 mid-November low guards the 1.1553 7 th November low.
Short-Term Trend (1-3 weeks): Positive target 1.2087/92.
Long-term trend (1-3 months): Neutral to positive. It is possible that the move to 1.1553 was the end of an a-b-c correction lower. This would mean that the longer term risk is still on the topside.
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 securities. 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 Forex 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.