EUR/USD: Downside pressure to alleviate? - Commerzbank

Sandeep Kanihama FXStreet Contributor

Karen Jones, analyst at Commerzbank, points out that the EUR/USD pair has eroded the 55 day moving average and needs to overcome the 55 day moving average, the recent high at 1.1264 and the 2018-2019 downtrend at 1.1287 on a closing basis in order to alleviate downside pressure and reassert upside interest which is favoured now.

Key Quotes

“Be advised that as long as the recent lows at 1.1110/06 hold on a closing basis the pattern being traced out is a potential large bullish reversal pattern.”

“Support at 1.1110/06 is regarded as the break down point to the 2018-2019 support line at 1.1027 and the 1.0814 78.6% Fibonacci retracement.”

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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