EUR/USD: Bounce is likely - Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair last week broke down from the base of the range at 1.1216 and sold off to the 61.8% Fibonacci retracement of the 2017- 18 advance at 1.1186, which held the initial test.

Key Quotes

“The bounce from here is likely to be fairly tepid as there is now a considerable amount of resistance above the market extending up to the 200 day ma at 1.1495. Below 1.1185/75 lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”

“Rallies will find initial resistance at 1.1315 the 20 day ma, which guards the 1.1420 end of February high and the 1.1438 downtrend.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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