EUR/USD: Consolidated at 1.1347 – Commerzbank

EUR/USD has not only eroded the 200-week ma at 1.1347, spent yesterday trading above this level. This is critical from a longer-term perspective, in the opinion of Karen Jones from Commerzbank.

“A weekly close above the 200-week ma would target the 1.1570 January 2019 high and the 1.1815 September 2018 high.”

“Our target is the 12-year downtrend at 1.1950. We would allow for some near term consolidation around this moving average ahead of further gains.”

“Above 1.1950 will introduce scope to the 200-month ma, 2018 high and the long term Fibonacci retracement at 1.2525/1.2644.”