EUR/USD: Recovery? - Commerzbank

Karen Jones, analyst at Commerzbank, notes that EUR/USD pair has reversed ahead of the March and mid-June lows at 1.1181/76, which have continued to hold as expected.

Key Quotes

“This area underpins on a daily chart closing basis, the 200 day moving average and early June high at 1.1326/48 will remain in sight. This guards the more important 1.1402/12 55 week ma and recent high. Above the 1.1412 June high we look for a test of the 1.1570 2019 high. Slightly longer term we target 1.1815/54, the highs from June and September 2018.”

“We regard the April and May lows at 1.1110/06 as a turning point and continue to view the market as based longer term and target 1.1990 (measurement higher from the wedge).”