EUR/USD: Downtrend eroded? - Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, EUR/USD pair has eroded the 2018-2019 downtrend at 1.1287, but not closed above here and a close above here (preferably on a weekly basis) will complete a falling wedge pattern.

Key Quotes

“Initial target will be the 200 day ma at 1.1369 and then the 1.1570 2019 high. Dips lower will find initial support at the 55 day ma at 1.1215 and will ideally be contained by 1.1150. We regard recent lows at 1.1110/06 as an interim turning point.”

“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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