EUR/USD: Market has recovered – Commerzbank

Karen Jones, analyst at Commerzbank, EUR/USD saw only a brief slide below 1.1100 last week and has quickly recovered.

Key Quotes

“It is contained longer term within a down channel the top of which lies at 1.1377 and is reinforced by the 55 week ma at 1.1360. Shorter term the market has recovered to overcome pivotal resistance at 1.1176/88 (mid-June low and March low) and we will assume a near term attempt on the highs from last week at 1.1285 and the 200 day ma at 1.1299 is likely.”

“Dips lower are likely to find some support circa 1.1150.06. Key support is the 1.0967 2018-2019 support line and below here lies the 78.6% retracement at 1.0814/78.6% retracement.”

“The market will need to regain the 55 week ma and channel at 1.1360/77 to generate upside interest.”