EUR/USD: Busted through the 200-day ma scope for the 1.1240 December high – Commerzbank

FXStreet Team FXStreet

EUR/USD has at long last taken out the 200-day ma and its current May high at 1.1012/19 with gusto, with scope for the 1.1240 December high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

See: German Retail Sales drop 5.3% MoM in April vs. -12% expected, EUR/USD keeps 1.11

Key quotes

“The close above the 1.1012 200-day ma should be enough to regenerate upside interest to the 1.1240 December peak and beyond to the 200-week ma at 1.1332. Note that we have a confirmed buy signal on the DMI Index and now look for a move higher.”

“Dips should find initial support at 1.0927 ahead of the short-term uptrend at 1.0815. Provided this holds, an upside bias remains entrenched.”

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FXStreet Team

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