EUR/USD: Near term rally in the offering - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that a near term rally is currently being seen for EUR/USD pair after it recovered from the 1.1216 November low and this should preserve the range and leave the 1.1518 200 day ma back in the picture.

Key Quotes

“It has managed to regain 1.1342 (last weeks high) and this should alleviate immediate downside pressure. Below 1.1216 will target the 61.8% Fibonacci retracement of the 2017-18 advance at 1.1186.”

“Above the 200 day ma will re-target the 1.1623 mid-October high and slightly longer term we look for gains to 1.1702, the 55 week ma.”

“Long term trend: A rise above the recent high at 1.1623 would confirm a trend reversal and put the 55 week moving average at 1.1723 back on the cards.”