EUR/USD reverses from key support – Commerzbank
Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair has traded through but not closed below December lows of 1.1265.
Key Quotes
“Provided that the market holds here, then they favour a recovery to the 1.1535 200 day ma and the 1.1623 mid October high and slightly longer term we target 1.1723, the 55 week ma. Yesterdays price action was nearly a key day reversal and we will reattempt long positions.”
“Failure at 1.1267 on a closing basis 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.”
“Long term trend (1-3 months): A rise above the recent high at 1.1623 would confirm a trend reversal and put the 55 week moving average at 1.1723 back on the cards.”
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.
