According to Karen Jones, analyst at Commerzbank, EUR/USD is slowly crawling higher with the 1.1176 recent low is regarded as an interim low and they suspect that it is trying to base but needs to do more work.

Key Quotes

“Initial resistance is the 100 day ma at 1.1349 and the resistance line at 1.1394 ahead of the 200 day ma at 1.1444. The cross should target the 1.1570 January high, together with the 55 week ma at 1.1551. We note the TD set up on the daily chart and this may provoke some near term consolidation. We also have conflicting Elliott wave counts intraday and will therefore tighten our stops.”

“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”

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