Karen Jones, analyst at Commerzbank, suggests that the EUR/USD pair has gone into consolidation mode after it steadied yesterday, following its rejection last week from the 200 day ma at 1.1475.
“We suspect that it is trying to base but needs to do more work – once above the 200 day ma this will target the 1.1570 January high together with the 55 week ma at 1.1610. We view 1.1176 as an interim low in place. Initial support lies at 1.1216 November low ahead of 1.1176 low.”
“Below 1.1185/75 (61.8% retracement) lies the 1.1110, the May 2017 low and the 1.0814/78.6% retracement.”
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.