EUR/USD: Consolidated at 1.1347 – Commerzbank


EUR/USD has not only eroded the 200-week ma at 1.1347, spent yesterday trading above this level. This is critical from a longer-term perspective, in the opinion of Karen Jones from Commerzbank.

“A weekly close above the 200-week ma would target the 1.1570 January 2019 high and the 1.1815 September 2018 high.”

“Our target is the 12-year downtrend at 1.1950. We would allow for some near term consolidation around this moving average ahead of further gains.”

“Above 1.1950 will introduce scope to the 200-month ma, 2018 high and the long term Fibonacci retracement at 1.2525/1.2644.”

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD rises above 1.37 amid upbeat market mood

GBP/USD has jumped above 1.37, hitting the highest since 2018. Optimism about the UK's vaccine campaign and lower cases are compounded by a weaker dollar. The greenback is on the back foot due to optimism about Biden's stimulus.

GBP/USD News

EUR/USD rises amid improving market mood ahead of Biden's inauguration

EUR/USD has been advancing to around 1.2150 as the risk-on mood weighs on the safe-haven dollar. President-elect Biden is inaugurated later in the day and hopes of stimulus are high after Treasury Secretary nominee Yellen's testimony. 

EUR/USD News

Gold: Bulls recapture 200-DMA ahead of Biden's inauguration

Gold prices are attempting to correct higher above 200-DMA. The metal cheers rising US inflation expectations amid hopes of a massive stimulus package under the incoming Biden administration. 

Gold news

Forex Today: Yellen's stimulus boosts sentiment ahead of Biden's inauguration, BOC, Bailey eyed

The market mood is cheerful with stocks and gold rising and the dollar retreating ahead of Biden's inauguration. Yellen has made the case for more stimulus, boosting sentiment. 

Read more

US Dollar Index extends the drop to the 90.30 area, focus on US politics

The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, remains on the back footing so far this week and slips back to the 90.30/25 band.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures