Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair, last week broke above the 1.1500 resistance, but has not sustained the break and they may see some further near term consolidation.
“We look for a recovery to the 1.1623 October high and the 1.1621 200 day ma and slightly longer term we target 1.1786, the 55 week ma. Dips lower are expected to remain well supported by the 55 day ma at 1.1382 and should be contained by the near term uptrend at 1.1318.”
“Failure at 1.1267 will trigger losses to the 1.1216 recent low and the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186. Please note that we continue to regard the 1.1216 recent low as an interim low for the market.”
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