EUR/USD: Easing back - Commerzbank

Karen Jones, analyst at Commerzbank, explains that the EUR/USD pair is easing back from the 1.1416 55 week moving average on Tuesday.

Key Quotes

“We note the 13 count on the 60 minute chart and we would allow for a small near term retracement into the 1.1335/00 band ahead of further gains. Above 1.1416 we look for a test of the 1.1570 2019 high. Beyond this we target 1.1815/54 (highs from June and September 2018). Initial support lies at 1.1348 the 7th June high ahead of 1.1176 the 7th March high.”

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