EUR/USD: Near term consolidation - Commerzbank

According to Karen Jones, analyst at Commerzbank, EUR/USD has not sustained the break broke above the 1.1500 resistance, and is consolidating very near term.

Key Quotes

“We favour a recovery to the 1.1623 October high and the 1.1616/23 200 day ma and mid-October high and slightly longer term we target 1.1786, the 55 week ma. Dips lower are expected to remain well supported by the 55 day ma at 1.1385 and should be contained by the near term uptrend at 1.1320.”

“Failure at 1.1267 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.”