Karen Jones, Team Head FICC Technical Analysis at Commerzbank, suggested the positive outlook in EUR/USD should remain intact while above the 1.1181/76 band.
“EUR/USD is really making a meal of trying to get through interim resistance at 1.1285 and again sold off on Friday. Provided dips lower hold over the March and mid-June lows at 1.1181/76 an upside bias will be preserved. We should then see a recovery towards the 200 day moving average and early June high at 1.1315/48. This guards the more important 1.1344/1.1412 55 week ma and recent high”.
“Above the 1.1412 June high we look for resumption of the up move and a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018”.
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