EUR/USD is approaching tougher resistance - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD pair is approaching tougher resistance at the 55 and 100 day ma at 1.1364/66 and we would allow for initial failure and some slippage back to the low 1.1300 region.

Key Quotes

“We have our doubts that the market will at this juncture retest the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186 and suspect that this may be a falling wedge (bullish formation) developing.”

“Rallies will find initial resistance at 1.1366/67, the 55 and 100 day ma, which guard the 1.1420 end of February high and the 1.1419 downtrend. Above the downtrend lies the 1.1482 200 day ma and the 1.1570 January high.”