EUR/USD - Attention shifts to September high of 1.2092 - Commerzbank

Commerzbank Analyst Karen Jones says the EUR/USD is bid and could test September high of 1.2092 soon. 

Key quotes

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.

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